Polymarket CMO fired, possibly for orchestrating staged fake profit scenarios

BlockBeats news, October 23 - According to the New York Post, sources familiar with the matter have revealed that Matthew Modabber, who has served as Polymarket's Chief Marketing Officer (CMO) since January 2024, has been fired. This follows an internal investigation into a series of incidents that drew external attention and concerned company investors. One incident involved allegations that Modabber's team created fake web pages to promote staged videos showing users profiting from fake trades. This scam was exposed in a June report by The Wall Street Journal and subsequently triggered an investigation by the U.S. CFTC. The investigation is still ongoing, and no violations have been determined yet.

Sources say Modabber was a close associate of 28-year-old CEO Coplan. During his tenure as an executive, Modabber frequently made impulsive decisions that led the company into PR crises. Polymarket is currently finalizing Modabber's departure agreement, and both parties have maintained mutual respect throughout the process.