"Gannon Ken Van Dyke is charged with unlawful use of confidential government information, theft of non-public government information, commodities fraud, wire fraud, and making an unlawful monetary transaction."
"The case marks the first federal insider-trading prosecution ever filed against a prediction-markets trader, highlighting the legal complexities surrounding such markets."
"Van Dyke's bets on Polymarket were placed between December 27 and January 2, predicting that Maduro would soon be out of office and that U.S. forces would enter Venezuela."
"The $33,000 in bets turned into a $404,000 windfall when Operation Absolute Resolve captured Maduro on January 3, the day after the bets were placed."
Gannon Ken Van Dyke, a U.S. Army Master Sergeant, pleaded not guilty to five federal charges in Manhattan federal court. His defense attorney plans to challenge the indictment's validity. Van Dyke is accused of insider trading after placing $33,000 in bets on Polymarket, predicting the ousting of Venezuelan President Maduro and U.S. military intervention. His bets resulted in a profit of over $404,000 when Maduro was captured shortly after. He was released on a $250,000 bond with travel restrictions.
Read at news.bitcoin.com
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