Google engineer sued by U.S. Department of Justice for allegedly using insider information to profit $1.2 million on Polymarket
Odaily Planet Daily News: The U.S. Department of Justice has filed a lawsuit against Google software engineer Michele Spagnuolo, accusing him of using Google's internal confidential information to engage in prediction market trading on Polymarket, making an illegal profit of approximately $1.2 million.
According to the indictment, Michele Spagnuolo, using the account "AlphaRaccoon" on Polymarket, placed cumulative bets exceeding $2.7 million on events related to Google's "Year in Search 2025" list. He is suspected of obtaining Google's internal data on the most searched personalities ahead of time to guide his trades.
U.S. prosecutors stated that his actions allegedly violated confidentiality obligations to his employer and constituted insider trading. Google has confirmed that the employee has been suspended, and the company is cooperating with law enforcement authorities. Polymarket stated that it has cooperated with U.S. prosecutors and the CFTC, adding that blockchain transactions are transparent and traceable. (TechCrunch)
