On April 28, 2026, US Army officer Gannon Ken Van Dyke, 38, was arraigned in New York federal court, charged with using classified information to bet on the capture of Venezuelan President Nicolás Maduro on the crypto-powered prediction market platform Polymarket, winning more than $400,000 (£296,000). Van Dyke pleaded not guilty to all charges.

Case Overview

The US government alleges that Van Dyke made trades on Polymarket based on classified information before Maduro’s January capture was made public. A federal judge released him on a $250,000 bond and ordered him to surrender his passport and restrict his travel.

Van Dyke, clad in a dark suit with a black shirt, sat at the defense table alongside his legal team, which includes high-profile attorney Mark Geragos. When asked by the judge to enter a plea, Van Dyke responded: “Not guilty, your honour.”

Polymarket and Prediction Markets

Polymarket is a cryptocurrency-based prediction market platform that allows users to bet on the outcomes of political, economic, and social events. The platform has gained significant attention in recent years for its accuracy in election forecasting and market sentiment analysis.

However, trading on non-public information is illegal in both traditional financial markets and prediction markets. The Van Dyke case highlights the gray areas and legal challenges in regulating prediction markets.

Broader Context

This case comes amid ongoing tensions in US policy toward Venezuela. The US government has been pressuring the Maduro regime, seeking to drive political change in the country. Van Dyke is alleged to have obtained classified information about Maduro’s capture during military operations and used it to place profitable bets on the prediction market.

Analysts note that this case could set a precedent for prediction market regulation and have far-reaching implications for compliance requirements on cryptocurrency trading platforms.

Source: BBC News - US soldier accused of betting on Maduro’s removal pleads not guilty