According to Bloomberg, Google software engineer Michele Spagnuolo has been charged in a New York federal court for allegedly engaging in insider trading on the prediction market platform Polymarket. Court documents state that he profited over $1 million by placing bets on contracts related to a popular internet search from last year. Spagnuolo, 36, appeared in court for a judicial inquiry and was released on a $2.25 million bond. The case has once again drawn attention to the risks of insider trading in prediction markets.
Google engineer charged with insider trading on Polymarket; gains exceed $1 million
TechFlowShare
Summary
A U.S. federal court in New York has charged Google software engineer Michele Spagnuolo with insider trading on Polymarket. He allegedly earned over $1 million from a contract linked to a major internet search trend in 2023. Spagnuolo, 36, posted $2.25 million in bail after appearing in court. The case has reignited scrutiny over trading activity and risks in prediction markets. Polymarket’s trading volume has surged in recent months, drawing regulatory attention.
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