U.S. Soldier Accused of Earning Over $400,000 Using Non-Public Information on Polymarket

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A U.S. soldier faces fraud charges for allegedly earning over $400,000 on Polymarket using non-public information regarding a potential Venezuelan regime change. Counter-Terrorism Financing (CTF) concerns have arisen as regulators examine the case. The CFTC filed a civil suit, but a judge has delayed it pending criminal proceedings. Van Dyke’s attorney argues the agency should focus on its own case. He has pleaded not guilty, with a trial potentially beginning in late 2026. The case could influence how risk-on assets and event contracts are regulated.

Odaily Planet Daily report: Gannon Ken Van Dyke, a U.S. soldier, is accused of using non-public information to trade contracts on the prediction market platform Polymarket related to the event of Venezuelan President Nicolás Maduro's removal in January, earning over $400,000. U.S. authorities charged him with fraud in April.

The Commodity Futures Trading Commission (CFTC) previously filed a civil lawsuit against Van Dyke, but a federal judge has ruled to stay the proceedings until the outcome of the criminal case is determined. The CFTC has filed a motion to submit an amicus curiae brief to express its views on whether the event contracts in question qualify as “swaps” under its regulatory jurisdiction.

Attorney Van Dyke filed documents on Monday in the U.S. District Court for the Southern District of New York opposing the CFTC’s involvement in the criminal case, arguing that the agency should address its own matters directly. Van Dyke has pleaded not guilty to all charges, with the criminal trial potentially beginning as early as late 2026 or early 2027. (Cointelegraph)

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