US charges Google employee with insider trading bets on Polymarket
Cointelegraph
A Google engineer faces federal charges for allegedly using internal data to profit $1.2 million through insider trading on the prediction platform Polymarket.Summary
US authorities have charged Google software engineer Michele Spagnuolo with commodities fraud, wire fraud, and money laundering. Prosecutors allege that Spagnuolo exploited unreleased internal Google information to place 25 bets totaling $2.7 million on the prediction market Polymarket. Operating under the username “AlphaRaccoon,” he allegedly gained $1.2 million by betting on outcomes related to Google’s most-searched individuals. In addition to criminal charges from the Justice Department, the Commodity Futures Trading Commission has filed a parallel complaint, citing the need to curb insider trading in emerging prediction markets. Spagnuolo faces a potential 50-year prison sentence if convicted.
(Source：Cointelegraph)