Polymarket has reportedly dismissed chief marketing officer Matthew Modabber following an internal investigation into several alleged misconduct incidents, including a scheme involving fake trades, according to reporting by the New York Post. The departure comes as the crypto-based prediction market seeks to improve its public image and considers a possible initial public offering.
Reported dismissal follows internal investigation
Modabber, who had served as Polymarket’s chief marketing officer since January 2024, was reportedly removed after the company examined multiple episodes that raised concerns among investors. One of the issues involved claims that members of his team created a webpage containing videos that appeared to show Polymarket users making profits from trades that were not real.
The New York Post reported that the company was finalizing a separation agreement with Modabber. The report cited unnamed sources and described the alleged conduct as part of a broader set of incidents that contributed to the decision.
The claims have not been established as wrongdoing. The U.S. Commodity Futures Trading Commission is investigating the allegations connected to the fake-trades webpage, and that inquiry remains ongoing. The source material does not indicate that the regulator has reached a conclusion.
Polymarket previously told The Wall Street Journal, which reported on the webpage in June, that it was “committed to maintaining accurate, fair, and transparent markets.” CoinDesk reached out to Polymarket for comment.
Tensions over leadership and the company’s image
The reported decision was complicated by Modabber’s personal relationship with Polymarket chief executive Shayne Coplan. The two have been close friends since high school, according to the New York Post’s report.
One source cited by the Post said Coplan initially reacted angrily to the internal process and threatened to dismiss members of the legal team involved in pursuing Modabber’s termination. The same source said Coplan later accepted that separating from Modabber was in the company’s best interests.
Polymarket’s board reportedly concluded in recent weeks that Modabber was obstructing efforts to move the company away from a rough-edged startup identity. That repositioning matters as the platform considers a potential IPO, or initial public offering, in which a private company offers shares to public-market investors for the first time.
The board includes Coplan, crypto investor Nick Tomaino, lawyer Alex Spiro and an unnamed partner at Founders Fund, according to the source material. No decision to pursue an IPO was reported as final.
What Polymarket does
Polymarket is a prediction-market platform that allows users to trade on the outcomes of real-world events. Its markets cover subjects including elections, sports, weather and the Academy Awards, also known as the Oscars.
Unlike a conventional polling operation, a prediction market uses participants’ positions and prices to reflect the market’s assessment of a possible outcome. Polymarket operates using cryptocurrency and blockchain technology, which are central to how its platform functions.
The company drew significant attention ahead of the 2024 U.S. presidential election, when its odds were frequently cited. The New York Post reported that Coplan, who is 28, became the youngest billionaire as a result. The source material does not provide a valuation or financial details for Polymarket.
The allegations involving marketing materials therefore touch on an important issue for the platform: whether promotional content accurately represents activity on its service. The ongoing CFTC investigation and the company’s stated commitment to accurate and transparent markets provide the current regulatory and corporate context, while no wrongdoing has been proven.
Current market picture
Moneyiar market data at 08:03 on October 24, 2026, showed mixed performance among the listed crypto assets:
- Polygon (prev. MATIC), now tracked as POL, was trading at $0.0896968288, down 2.33% over 24 hours and 4.24% over seven days.
- ORDI was at $3.6334650636, down 4.47% over 24 hours and 6.63% over seven days.
- RedStone was trading at $0.1501129229, up 6.68% over 24 hours and 5.47% over seven days.
These figures describe the selected assets’ performance and are not a measure of Polymarket’s business or the outcome of the reported investigation.
