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Polymarket has reportedly fired its marketing chief after several issues arose at the privately held prediction market.

Multiple media reports say that Polymarket has parted ways with its chief marketing officer, Matthew Modabber, who is also a close friend of CEO Shayne Coplan.

The termination happened following several embarrassing episodes, including a reported scheme built on fake trades. Modabber had been chief marketing officer since 2024.

The firing comes as Polymarket is looking to hold an initial public offering (IPO) and attract investor capital.

Prediction markets let people bet on the outcome of real-world events such as elections, sports, and even the weather. Polymarket's platform runs on crypto and blockchain technology.

Media reports in recent months said that Modabber's team built a fake webpage to highlight videos of Polymarket users making money on fake bets and trades.

The U.S. Commodity Futures Trading Commission (CFTC) has opened an investigation into the incident, which remains ongoing.

Polymarket has said publicly that it is "committed to maintaining accurate, fair, and transparent markets."

The decision to fire Modabber was reportedly complicated by his friendship with Coplan. The two attended high school together.

However, Polymarket's board of directors concluded that Modabber was getting in the way of the company's efforts to shed its startup image and complicating the IPO process.

A new marketing head at Polymarket has not been named.

As a private company, Polymarket's stock does not currently trade on a public exchange.