Prosecutors claim Gannon Ken Van Dyke anticipated the success of his Polymarket bets due to his involvement in the operation.
The U.S. Attorney for the Southern District of New York revealed that Van Dyke is detained, charged with using confidential information for personal profit. Van Dyke allegedly took part in planning “Operation Absolute Resolve” to capture Venezuelan President Nicolas Maduro. Before the capture, he purchased $33,934 worth of ‘YES’ shares, profiting $409,881.
After reports of the bets emerged, Van Dyke reportedly attempted to erase evidence by asking Polymarket to delete his account, claiming loss of email access, and later altered the email for his crypto account to an untraceable one.
U.S. Attorney Jay Clayton emphasized that prediction markets should not be exploited with confidential information. Van Dyke now faces multiple charges, including violating the Commodity Exchange Act and wire fraud, with a maximum combined sentence of up to 70 years.