Google engineer accused of using insider information to make $1.2 million profit on Polymarket, indicted by US Department of Justice

Odaily Planet Daily News The US Department of Justice has indicted Google software engineer Michele Spagnuolo, accusing him of using confidential internal Google information to trade on prediction market Polymarket, illegally making approximately $1.2 million in profit.

According to the indictment, Spagnuolo used the account "AlphaRaccoon" on Polymarket to place bets totaling over $2.7 million on events related to Google’s "Year in Search 2025" list. He is suspected of obtaining internal Google data on the most searched people in advance to guide his trades.

US prosecutors stated that his actions allegedly violated his duty of confidentiality to his employer and constituted insider trading. Google said the employee has been suspended and the company is cooperating with law enforcement investigations. Polymarket stated that it has cooperated with US prosecutors and the CFTC, noting that blockchain transactions are transparent and traceable. (TechCrunch)