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A Google engineer is accused of being sued for allegedly profiting $1.2 million through insider trading on Polymarket.
BlockBeats News, May 28 — According to The Wall Street Journal, U.S. prosecutors allege that a Google software engineer made $1.2 million in profits through illegal trading of prediction contracts on Polymarket. These contracts allow users to bet on who will be the most searched person in 2025.
The 36-year-old Michele Spagnuolo is charged with fraud and money laundering. According to a criminal complaint unsealed on Wednesday, he used non-public search data for betting last year, and the data was accessible within Google only to “a limited number of employees.”
The complaint says that at the time, the data indicated that musicians Kendrick Lamar and d4vd were among the most searched people, and both ultimately landed in the top five of the annual search rankings. It is alleged that, after accessing Google’s confidential Year in Search 2025 data, he made “large predictions,” including predicting that the singer d4vd would become the person with the highest search volume for the year.
He was later released on a $2.25 million bail, including $1 million in cash collateral, with $50,000 due on the same Wednesday. The indictment also states that after profiting, Spagnuolo “deliberately took steps to conceal his illegal use of non-public information,” attempting to hide the source and ownership of the funds.