Summary: Meta engineer alleges Google insider profited $1M in a day on Polymarket using early search data. The tweet sparked insider trading debate on the prediction market.
Polymarket Plunder? Meta Engineer Exposes Alleged Google Insider Trade
A Meta engineer's tweet claims a Google insider exploited early search data on Polymarket, netting a staggering $1,000,000 in a single day.
Key Details:
The Allegation: Haeju Jeong, a Senior Software Engineer at Meta, ignited a firestorm on Tuesday night with a tweet accusing a “Google insider” of using privileged information to profit on Polymarket. The Platform: Polymarket, one of the internet’s fastest-growing prediction markets, became the center of the controversy. The Evidence (Claimed): Jeong's tweet thread included screenshots of a Polymarket account, formerly named “AlphaRaccoon,” showing $3.9M in open positions and over $1.19M in profit within a month. The profits came largely from correctly predicting Google's end-of-year search rankings. The Timeline: The tweet went viral within 24 hours, amassing over 3.7 million views. The alleged incident occurred when Google may have “accidentally pushed the results early”. The Accusation: Jeong claimed the insider went 22-for-23 on related bets. The Source: Haeju Jeong is a Senior SWE at Meta with a background in blockchain and web3 development. He has worked at AWS and contributed to DeFi and NFT projects. • The Reaction: The replies to Jeong's tweet compared the situation to corporate insider trading and a “heist”.
Market Context:
Polymarket is a prediction market platform where users can bet on the outcomes of various events. This incident highlights the potential risks of insider trading and the reliance of some users on privileged information.
The focus is on Google's end-of-year search rankings. The Polymarket account “AlphaRaccoon” showed significant profits from correctly predicting those rankings, suggesting foreknowledge of the results. The trader's single losing bet was a $12,000 hedge on Kendrick Lamar.
What This Means:
This situation raises serious questions about fairness and transparency in prediction markets. If the allegations are true, it exposes a vulnerability in the system where those with inside information can exploit the market for significant financial gain. It also sparks debate about the regulatory landscape for prediction markets and whether they should be subject to the same rules as traditional financial markets.
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