Polymarket Fires Marketing Chief Matthew Modabber Amid Fake Trade Allegations Ahead of Potential IPO

Polymarket fired its chief marketing officer, Matthew Modabber, following an internal investigation into incidents, including an alleged scheme involving fake trades, as reported by The New York Post. The Commodity Futures Trading Commission is investigating claims that Modabber’s team created a webpage featuring videos of users profiting from fake trades, though no wrongdoing has been proven. Polymarket's board concluded that Modabber was hindering efforts to improve the prediction market’s image as it considers a potential initial public offering. Modabber served as CMO since January 2024.