US charges Google employee with insider trading bets on Polymarket

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Source: US Attorney Southern District of New York According to the court documents, communities on Discord and X started discussing the possibility that AlphaRaccoon was a Google insider in December. Soon after, the username was allegedly changed to a wallet address. Prosecutors alleged that the funds in the AlphaRaccoon account were also sent to a decentralized crypto swapping service and to an unnamed transfer service that offers privacy protection for blockchain transactions The Justice Department charged Spagnuolo with commodities fraud, wire fraud and money laundering, and could face a maximum sentence of 50 years in prison. Related: Polymarket traders win $37K after Paris weather data glitch, raising suspicion In its complaint, the CFTC seeks restitution, disgorgement, civil monetary penalties and trading and registration bans. CFTC director of enforcement, David Miller, said in a statement that “the division is a cop on the beat in policing the illegal use of inside information in the prediction markets and other markets within the CFTC’s jurisdiction.” Source: CFTC “We will continue to take action to protect markets from insider trading and other forms of fraud, abuse and manipulation,” Miller added. It comes after the Justice Department charged a US soldier in April with using classified information to place bets on the US capture of former Venezuelan president Nicolás Maduro. Magazine: ETH bears growling, Tom Lee’s buying, XRP to ‘explode’: Market Moves More on the subject

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