Polymarket has dismissed Chief Marketing Officer Matthew Modabber following an internal investigation into marketing practices and conduct, according to sources cited by the New York Post on Oct. 23, 2026. Modabber had served as CMO since January 2024. The probe reportedly examined several incidents, including a marketing campaign involving staged videos and a fake webpage. It also looked into his use of a personal PayPal account to pay influencers, sometimes without sponsorship disclosures, as well as broader concerns raised by company lawyers and investors.
Polymarket has not publicly confirmed the specific reasons for Modabber’s departure, and neither the company nor Modabber provided substantive comment on the reported firing. The CFTC investigation linked to the marketing campaign remains ongoing, with no wrongdoing established. Polymarket had already restructured its marketing organization in August, reducing Modabber’s responsibilities before his departure. Sources say the board is focused on strengthening controls while the business considers a potential IPO.
Separately, Polymarket drew criticism on X after a fortune-cookie advertisement photo posted by Jared Holt on Oct. 24 topped 500,000 views. The purple promotional slip featured Polymarket branding, a QR code, and an acknowledgment of paid advertising. OpenFortune has handled similar campaigns, though its involvement in this placement remains unconfirmed. Fortune-cookie advertising has been used by crypto companies before, including FTX in 2022, according to The Wall Street Journal.
Polymarket’s broader marketing efforts include a teased partnership with LeBron James and paid creator promotions. A June investigation by Politico identified more than 490 posts by paid creators without disclosures, tied to payments totaling at least $350,000 from Modabber’s personal PayPal account over 14 months. New York City Council Speaker Julie Menin’s office has been examining deceptive marketing across prediction market platforms, sending letters to Polymarket, Kalshi, Coinbase, and Gemini Titan.
