Google Engineer Charged with Insider Trading on Polymarket
Michele Spagnuolo, a Google engineer, has been charged with insider trading after allegedly using confidential Google search data to place highly accurate bets on Polymarket's Year in Search prediction contracts. The scheme reportedly netted $1.2 million in profits. Spagnuolo exploited non-public information about Google's annual search trends to predict outcomes with near-perfect accuracy, violating both company policy and federal securities laws. The case highlights the growing intersection of big data, insider trading, and decentralized prediction markets.
Key facts
- Michele Spagnuolo is a Google engineer.
- He allegedly used confidential Google search data for insider trading.
- The trades were placed on Polymarket's Year in Search contracts.
- Profits amounted to $1.2 million.
- The case involves decentralized prediction markets.
Entities
Institutions
- Polymarket
Sources
- Quartz —