Polymarket’s Coplan ‘told staff to grow & pay the fine later’

Wall Street Journal says Coplan told compliance staff to keep growing & pay any fine later.

The hit

Polymarket CEO Shayne Coplan allegedly told staff to keep growing & pay any fine later, after a fraud attack reportedly hit Checkout.com in February, according to the Wall Street Journal. Employees warned that scrapping withdrawal-source checks risked money laundering; compliance chief Andrew Clifford resigned in April, sending a report of the fraud issues to executives on his way out.

Why it matters

For Polymarket users, the episode shows how thin oversight can be at a fast-growing prediction market. Leadership reportedly chose fines over fraud controls, only tightening after staff departures. Sources told the Wall Street Journal this response is not typical in the commodities or gambling worlds, raising questions for anyone trusting the platform with funds.

The record

February 2026	Checkout.com allegedly hit by fraudulent claims, including 4,000 from one user
Peak fraud rate	80% of deposits reportedly flagged as fraudulent
April 2026	Chief Compliance Officer Andrew Clifford resigns, reportedly files fraud report on exit
May 2026	Fraud rates reportedly return to industry norm; US CEO Justin Hertzberg fired
Funding round	Coplan reportedly raising $1bn at ~$21bn valuation; 1789 Capital adding $300m to existing $200m stake

What happens next

Watch whether Coplan’s push to “professionalise” Polymarket, including new CFO Warren Jenson, leads to a 2027 IPO.

Sources: WSJ Report Details Coplan’s Plans To Grow Polymarket Despite Rampant Fraud

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