The Commodity Futures Trading Commission has launched at least three previously unreported investigations into suspected insider trading on the crypto prediction market Polymarket. The first investigation, approved in early May, involves a trader who earned more than $300,000 from pardon-related markets following Joe Biden’s preemptive pardons. A second investigation, approved at the end of May, covers Iran-related contracts where accounts reportedly earned $2.4 million with a 98% win rate. In July, a third investigation was opened into suspected insider trading tied to Google’s 2025 Year in Search ranking, with the Southern District of New York conducting a parallel probe. The case is separate from an existing enforcement action against former Google engineer Michele Spagnuolo, accused of making more than $1.2 million trading Polymarket contracts based on confidential information about Google’s rankings.
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