A Google employee has been arrested in the United States for allegedly using confidential company information to make more than $1.2 million in profits through bets placed on the prediction platform Polymarket.
The accused, identified as Michele Spagnuolo, a Google engineer based in Switzerland, was charged by the US Attorney’s Office for the Southern District of New York for allegedly using internal data to gain an unfair advantage in betting markets.
According to prosecutors, Spagnuolo is accused of accessing sensitive marketing and product-related information at Google LLC using internal tools available to employees, and then using that information to place cryptocurrency-based bets on Polymarket.
Authorities say the bets were placed under the account name “AlphaRaccoon,” with total wagers reaching about $2.7 million, generating over $1 million in profits between October and December.
The alleged scheme involved predicting outcomes on the prediction platform Polymarket, including who would become the most searched-for person on Google in 2025.
The US Attorney’s Office, working with the FBI, said the suspect used multiple crypto accounts and attempted to conceal his identity, but investigators were able to link him through identification records.
Federal Bureau of Investigation officials said the case demonstrates that blockchain-based prediction markets are traceable and leave digital footprints.
Google has confirmed it is cooperating with law enforcement and said the employee has been placed on leave. The company also stated that using confidential information for personal financial gain is a serious violation of its policies.
Spagnuolo has since been released on a $2.25 million bond while legal proceedings continue.
