Google engineer accused of insider trading on Polymarket

Federal prosecutors in New York have charged a Google engineer who allegedly earned around $1.2 million in profits by placing bets on the prediction market platform Polymarket using confidential information about trending Google searches, CNN reports.

According to the criminal complaint, Michele Spagnuolo used an account under the pseudonym AlphaRaccoon to place bets on who would become the most searched person on Google in 2025.

Authorities claim that he had access to the company’s internal data and knew the results before their official publication, giving him an advantage over other market participants.

Spagnuolo has been charged with commodities fraud, wire fraud, and money laundering. He appeared in court and was released on $2.2 million bail with travel restrictions imposed.

Google stated that the employee has been suspended and stressed that the use of internal data for betting purposes violates company policy, despite employees having access to certain internal analytical tools.

According to prosecutors, Spagnuolo also placed large bets that several public figures — including Donald Trump and the Pope — would not top Google’s search rankings, ultimately profiting after the data was released.

This is not the first case this year in which U.S. authorities have brought charges related to the use of insider information for betting on prediction markets.