Who could have seen this coming?
To no one’s surprise, people continue to abuse prediction markets to make a quick buck. Or a quick lakh rupees, according to allegations recently made against a Google employee. Software engineer Michele Spagnuolo has been accused of using insider information from his employer to make bets on Polymarket about common Google search topics. A federal criminal complaint charges Spagnuolo with commodities fraud, wire fraud and money laundering. He reportedly made $1.2 million by betting that the most searched person on Google for 2025 would be singer d4vd, then tried to hide the source of his sudden windfall.
A Google spokesperson shared the following statement ABC News Regarding the matter: “We are working with law enforcement on their investigation. The employee accessed our marketing materials using tools available to all employees, but using such confidential information to place bets is a serious violation of our policies. We have placed the employee on leave and will take appropriate action.”
Insider trading has been making headlines with some regularity in the prediction markets. Everyone from an employee of YouTuber MisterBeast to political candidates to military personnel have tried to turn privileged information into money on these platforms. Some people have reportedly even reached out to strangers to try and commit betting fraud. Polymarket adopted new rules in March specifically to cut down on insider trading, but only time will tell if the policies are effective.
<a href