U.S. soldier accused of earning over $400,000 on Polymarket using non-public information, CFTC's attempt to intervene in criminal case faces opposition

Odaily News – Gannon Ken Van Dyke, a U.S. soldier, has been accused of using non-public information to trade event contracts on the prediction market platform Polymarket related to the removal of Venezuelan President Nicolás Maduro in January, earning over $400,000 in profits. U.S. authorities filed fraud charges against him in April.

The U.S. Commodity Futures Trading Commission (CFTC) previously filed a civil lawsuit against Van Dyke, but a federal judge has ruled to stay the proceedings pending the outcome of the criminal case. The CFTC has filed a motion to submit an amicus brief, seeking to express its views on defense arguments such as whether event contracts qualify as "swaps" under its regulatory purview.

Van Dyke's attorneys filed documents with the U.S. District Court for the Southern District of New York on Monday opposing the CFTC's intervention in the criminal case, arguing that the agency should directly confront its own case. Van Dyke has pleaded not guilty to all charges, and the criminal trial could begin as early as late 2026 or early 2027. (Cointelegraph)