Polymarket CMO Matthew Modabber Fired

Matthew Modabber has been fired from his position as Chief Marketing Officer at Polymarket, effective January 2024. The company has launched an internal investigation following a series of events that raised concerns among investors. The investigation involves allegations that Modabber's team created fake web pages to promote staged videos showcasing users profiting from fictitious trades. This scam prompted an investigation by the U.S. CFTC after being reported by The Wall Street Journal in June, and the inquiry is still ongoing, with no violations confirmed yet. Modabber, a close associate of 28-year-old CEO Coplan, made impulsive decisions during his tenure that led to a public relations crisis for the company. Polymarket is finalizing Modabber's exit agreement, and both parties are maintaining mutual respect.