Google engineer Michele Spagnuolo placed 25 bets totaling $2.7 million on the Polymarket prediction market using Google’s non-public 2025 search trend data, earning $1.2 million in profits. The Department of Justice and CFTC have filed simultaneous charges.
(Prior context: U.S. House of Representatives investigates Polymarket insider trading to prevent officials from profiting from state secrets)
(Background: Polymarket initiates identity verification, ushering in the KYC era for prediction markets)
Google engineer allegedly uses internal data to profit $1.2 million on prediction market
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Summary
A Google engineer, Michele Spagnuolo, is accused of using internal 2025 search trend data to place 25 bets totaling $2.7 million on Polymarket, earning a $1.2 million profit. The U.S. Department of Justice and the CFTC have filed charges. On-chain data indicates the bets were tied to anticipated shifts in inflation data. Spagnuolo allegedly used non-public information to predict market movements.
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