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Story summary
- Polymarket’s market-integrity system flagged the trades, leading authorities to arrest the suspect.
- Italian citizen Michele Spagnuolo was charged in Switzerland with commodities fraud, wire fraud and money laundering for using Google’s internal software to place bets.
- Google placed Spagnuolo on leave, saying the breach involved confidential information used for betting.
- Maelstrom Fund chief investment officer Arthur Hayes argued that insider trading could improve market forecasts.
