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2h ago

Google Engineer Charged After Using Internal Search Data to Win $1.2 Million on Polymarket

Prosecutors say the case uses existing commodities and fraud laws to target insiders who trade on nonpublic corporate data and could push tighter oversight of prediction markets.

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Overview

  • Federal prosecutors in the Southern District of New York unsealed charges on Wednesday accusing Michele Spagnuolo of accessing Google’s confidential Year in Search data, placing bets on Polymarket under the alias AlphaRaccoon, and winning about $1.2 million.
  • The criminal complaint alleges Spagnuolo made multiple large wagers between October and December 2025, correctly betting on Google’s most‑searched results after viewing nonpublic internal analytics.
  • Spagnuolo was arrested in New York, did not enter a plea, and was released on a $2.25 million bond while facing counts of commodities fraud, wire fraud, and money laundering.
  • The Commodity Futures Trading Commission filed a parallel civil case seeking disgorgement, penalties, and trading bans, and both Polymarket and Google say they cooperated with investigators while Google placed the employee on leave.
  • The case follows a separate April SDNY prosecution tied to Polymarket and underscores growing use of blockchain forensics and AI surveillance by regulators, which could force platforms and companies to strengthen controls on proprietary data and trading access.