Polymarket reportedly fires marketing chief, CEO’s high school friend

Coplan reportedly threatened to fire members of the legal team pursuing the termination before relenting, a source told the New York Post.

The hit

Polymarket has reportedly fired chief marketing officer Matthew Modabber, a close friend of CEO Shayne Coplan since high school, according to the New York Post. The termination followed an internal probe into several incidents, including an alleged scheme involving fake trades, that reportedly worried investors.

Why it matters

Polymarket’s board concluded Modabber was hindering efforts to shed the platform’s scrappy startup image as it eyes a possible IPO, according to the Post.

The record

Role held since	January 2024, chief marketing officer
Alleged conduct	Team built fake webpage showing users profiting from fake trades (Wall Street Journal, June)
Regulatory status	CFTC investigating the webpage claims, no wrongdoing proven
Board composition	Coplan, investor Nick Tomaino, lawyer Alex Spiro, an unnamed Founders Fund partner

What happens next

CoinDesk said it has asked Polymarket for comment. One source told the Post the firm is finalising a separation agreement with Modabber; watch for an update from the CFTC on its ongoing investigation.

Sources: Polymarket has reportedly fired its marketing chief, also a close friend of the CEO

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