Soldier Who Placed Polymarket Bet On Maduro Operation Pleads Not Guilty

NEW YORK — A U.S. Army soldier who was involved in the planning of the capture of then-Venezuelan leader Nicolás Maduro pleaded not guilty Tuesday in Manhattan federal court to allegedly using confidential information to bet on the rendition through the prediction market platform Polymarket.

Gannon Ken Van Dyke, 38, is charged with the unlawful use of confidential government information for personal gain, theft of nonpublic government information and commodities fraud, among other charges.

Van Dyke allegedly placed $33,034 in bets, for a total payout of more than $400,000, according to prosecutors.

Following his plea on Tuesday, U.S. District Judge Margaret Garnett, a Biden appointee, released him on a $250,000 personal recognizance bond.

According to one of his lawyers, Zach Intrater, Van Dyke is on leave from the military. “The ultimate status is unsettled at this moment,” Intrater added during the hearing.

Van Dyke’s case is notable not just because it is tied to one of the most high-profile operations in recent military history — the capture of Maduro, who is himself being prosecuted by the Manhattan U.S. attorney’s office — but also because it will test the government’s ability to prosecute an insider trading case within the prediction markets.

Those markets have drawn scrutiny as their popularity has risen, with concern about their lack of regulation and questions from lawmakers about how they may be exploited for unlawful activity.

In addition to Intrater, Van Dyke’s legal team on Tuesday included Mark Geragos, one of the best-known criminal defense lawyers in the country, and a partner from Geragos’s firm, Tina Glandian.

Van Dyke’s next court date is June 8.