U.S. Army soldier arrested for insider trading tied to capture of Maduro in Venezuela

Van Dyke’s wagers won him $409,881, according to the U.S. Justice Department, but now the soldier’s wagers have earned him something else: a series of criminal charges related to insider trading that come with the prospect of decades in prison.

“Gannon Ken Van Dyke allegedly betrayed his fellow soldiers by utilizing classified information for his own financial gain,” said FBI Assistant Director in Charge James C. Barnacle Jr., in a statement announcing the charges, which cited unlawful use of confidential government information for personal gain, theft of nonpublic government information, commodities fraud, wire fraud, and making an unlawful monetary transaction.

According to the Justice Department, Van Dyke used classified information he acquired as part of planning for the mission to place his successful bets. He did so despite signing non-disclosure agreements that forbade him from divulging sensitive information related to military operations.

Polymarket is a platform where users take positions in so-called events contracts that offer shifting odds on a wide variety of real life scenarios ranging from elections to sports games to the weather, and where users take “yes” or “no” positions on the contract. In the case of Van Dyke’s wagers, he took the Yes position on wagers like “U.S. Forces in Venezuela . . . by January 31, 2026”, “Maduro out by . . . January 31, 2026”, “Will the U.S. invade Venezuela by . . . January 31,” and “Trump invokes War Powers against Venezuela by . . . January 31.”

In the days following Maduro’s capture, a series of reports appeared in the press highlighting the unusual wagers. In response, Van Dyke sought to cover his tracks by deleting his account from Polymarket and changing the email account tied to a cryptocurrency exchange where he had initially parked his winnings.

As prediction markets have exploded in popularity, reports of insider trading are becoming more common. In February, for instance, Polymarket’s chief rival Kalshi announced it had banned a Mr. Beast employee who had made bets based on insider information tied to his jobs, and this week the company announced it had done the same for several political candidate who had wagered on their races.