Polymarket Fires CMO Over Fake-Trades Scandal | CoinDesk Daily

Polymarket fired chief marketing officer Matthew Medaver after an internal investigation into a reported scheme involving fake trades. The New York Post reported that the company is finalizing a separation agreement with him, while the board concluded that Medaver was hindering efforts to move Polymarket beyond its scrappy startup image as it considers a possible IPO.

The reported departure followed a dispute over the termination process. According to the New York Post, CEO Shane Copeland threatened to fire legal-team members who were pursuing Medaver’s termination before agreeing to the separation. The account leaves open how the internal probe’s findings and the legal team’s concerns shaped the final decision.

The board’s reported concern reflects the reputational stakes for Polymarket as it considers a possible public listing: the company wants to move beyond its startup image, while a fake-trades scandal and a contentious executive departure could complicate that effort. The synopsis does not say that the possible IPO is settled or provide further details about the alleged trades.

Senator Richard Blumenthal is seeking answers about payments Tether made to Nexum, a consulting firm owned by Bo Heinz, who now runs Tether’s U.S. arm. The Wall Street Journal reported that Nexum received large consulting payments while Heinz was advising President Trump on crypto policy. Blumenthal called the arrangements highly unusual and raised what he described as alarming ethical and legal concerns.

Ethereum developers called off the Glamster Dam upgrade on the Hootie test network after researchers flagged a potential flaw that could make failed transactions permanent. Developers want to study how the change would interact with contracts already live on main. They have set no replacement date, and the synopsis reports no indication that existing contracts are being exploited.