US charges Google security engineer with Polymarket insider trading
Recorded: May 29, 2026, 11:03 a.m.
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A Google security engineer was charged with insider trading after allegedly profiting $1.2 million by utilizing confidential company data to make predictions on the cryptocurrency-based Polymarket decentralized prediction market. The individual, identified as Michele Spagnuolo, an Italian citizen residing in Switzerland and a Google employee since 2014, appeared in the Southern District of New York regarding this case. The criminal complaint details that Spagnuolo exploited his access to an internal software tool containing confidential data, specifically Google's annual ranking of top trending search terms, which was marked as confidential. From October 2025, Spagnuolo reportedly used a Polymarket account under the alias AlphaRaccoon to bet on whether specific individuals would appear on Google's top trending search lists. Allegedly, Spagnuolo used this confidential information and internal data to place bets with near-perfect accuracy across approximately twenty-five unlikely outcomes, risking roughly $2.75 million in total. Following Google's public announcement of its Year in Search results on December 4, 2025, the AlphaRaccoon Polymarket account received approximately $1.2 million in USDC.e winnings. The complaint further details the flow of funds, noting that between December 4, 2025, and December 10, 2025, the Polymarket markets related to the Google Year in Search resolved, releasing approximately 3,914,362 million USDC.e to the AlphaRaccoon account. On December 10, 2025, the account subsequently transferred approximately 5.045 million USDC.e to Wallet-0xAf6. The FBI traced the AlphaRaccoon account to a payment processor account registered under Spagnuolo's name and linked to an Italian government identification card. Following speculation in online communities regarding the insider nature of the account, the username was removed, reverting the account to an alphanumeric wallet address. Prosecutors asserted that Spagnuolo violated the fiduciary duties owed to his employer by misappropriating Google's confidential business information to generate trading profits on the market. U.S. Attorney Jay Clayton stated that these charges reinforce the principle that corporate insiders cannot use confidential business information for personal financial gain. Furthermore, the Commodity Futures Trading Commission Director of Enforcement, David I. Miller, emphasized that employees entrusted with confidential business information must not misuse it for personal financial benefit. Consequently, Spagnuolo now faces potential penalties including a maximum of ten years in prison for commodities fraud, along with twenty years for wire fraud and money laundering counts. |