Crypto Market News

05/31 06:23

Google Engineer Makes $1.2M on Polymarket Using Co

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A Google engineer is facing federal charges after prosecutors said he used confidential search data to make more than $1.2 million on Polymarket. The case puts new scrutiny on prediction-market rules and insider trading tied to private company information. Key Takeaways: Authorities accused a Google employee of using internal data to trade Polymarket contracts. The case could shape how regulators police prediction markets tied to company information. Possible penalties include criminal charges, civil fines, trading bans, and prison time. Google software engineer Michele Spagnuolo was charged with commodities fraud, wire fraud, and money laundering after authorities accused him of using confidential Google data to profit from Polymarket contracts. Prosecutors said he made more than $1.2 million through a Polymarket account known as “AlphaRaccoon,” according to the U.S. Department of Justice (DOJ). The case focuses on Google’s 2025 Year in Search results. Prosecutors said Spagnuolo accessed internal search rankings labeled “Google Confidential” and used that data to trade contracts tied to the most searched person and the top five searched people of 2025. Authorities said he risked about $2.75 million between Oct. 15, 2025, and Dec. 4, 2025. U.S. Attorney Jay Clayton said: “Corporate insiders cannot use confidential business information to turn a profit in our markets.” According to the complaint, the markets were still trading while Google’s Year in Search rankings remained confidential. Prosecutors said Spagnuolo could view the rankings internally before their release, allowing him to buy and sell contracts based on information unavailable to other participants. The Commodity Futures Trading Commission (CFTC) also filed a civil complaint seeking restitution, disgorgement, civil penalties, trading and registration

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