U.S. Army soldier Hannon Van Dyke pleaded not guilty to fraud charges related to using confidential information to bet on the removal of Venezuelan President Nicolás Maduro. This was reported by Reuters, according to UNN.
Details
The 38-year-old serviceman stated "Not guilty, your honor" during a hearing in Manhattan federal court. According to prosecutors, Van Dyke placed bets totaling $33,000 on the Polymarket prediction platform in late 2025, wagering that Maduro would be removed from power and U.S. troops would enter Venezuela. As a result, he received approximately $400,000 in winnings, as such events were considered unlikely at the time.
First case of its kind and positions of the parties
Prosecutors claim that Van Dyke had access to non-public information because he participated in planning the operation that resulted in the detention of Maduro and his wife on January 3, 2026.
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This is the first time the U.S. Department of Justice has brought insider trading charges related to prediction markets. In addition to the criminal case, a civil lawsuit has also been filed against him.
The defense denies the allegations. Attorney Mark Geragos stated: "Mr. Van Dyke is an American hero, a man who is unfortunately being accused of something that is not a crime."
The court set bail at $250,000 and restricted the suspect's travel to several states. Van Dyke faces five counts, including illegal use of government information, fraud, and conducting illegal financial transactions.