U.S. soldier accused of making more than $400,000 on Polymarket using nonpublic information
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A U.S. soldier is accused of profiting from Polymarket event contracts using nonpublic information, while the CFTC seeks to weigh in on whether such contracts qualify as regulated "swaps". The stay of the civil case pending a criminal trial extends regulatory uncertainty. Near-term, the headline raises compliance and venue-risk concerns for crypto-adjacent prediction markets and could chill participation pending clearer U.S. oversight.
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ME News reported that on Aug. 25 (UTC+8), U.S. soldier Gannon Ken Van Dyke was accused of trading event contracts on prediction-market platform Polymarket using nonpublic information tied to expectations that Venezuelan President Nicolás Maduro could be removed in January, generating more than $400,000 in profits. U.S. authorities brought fraud charges against Van Dyke in April.
The U.S. Commodity Futures Trading Commission (CFTC) has also pursued a civil case against him, but a federal judge has ordered that proceeding stayed until the criminal matter is resolved. The CFTC has sought permission to file an amicus curiae brief to argue its view on whether event contracts fit within its regulatory definition of "swaps."
On Monday, Van Dyke's lawyers filed papers in the U.S. District Court for the Southern District of New York opposing the CFTC's involvement in the criminal case, contending the agency should litigate its position in its own action. Van Dyke has pleaded not guilty to all charges. His criminal trial could begin as early as late 2026 or early 2027. (Source: ODAILY)
