U.S. soldier Gannon Ken Van Dyke pleads not guilty to using intel on Maduro raid to win $400,000 on Polymarket

A U.S. Special Forces soldier pleaded not guilty Tuesday in federal court in Manhattan to charges that he used classified information from the military operation to ouster former Venezuelan President Nicolás Maduro to bet and win more than $400,000 on an online prediction market.

Gannon Ken Van Dyke, 38, a master sergeant stationed at Fort Bragg, North Carolina, the base for the U.S. Army Special Operations Command, was charged on April 24 with the unlawful use of government information for personal gain, theft of nonpublic government information, commodities and wire fraud and money laundering — five counts in all.

He appeared in front of U.S. District Judge Margaret Garnett dressed in a black button-down shirt, navy blazer and black pants.

“Not guilty, your honor,” he said when asked for his plea.

Federal prosecutors argued that he took part in the Jan. 3 Operation Absolute Resolve — the military intervention into Venezuela to capture Maduro and his wife, Cilia Flores, and bring them to the same Manhattan courthouse where Van Dyke pleaded to face narcoterrorism charges.

Van Dyke was photographed wearing fatigues and carrying a rifle on the deck of the USS Iwo Jima at 5:45 a.m., just hours before the operation began, according to his indictment.

“We’re very proud to represent Mr. Van Dyke,” defense attorney Mark Geragos said after the hearing, calling his client “an American hero.”

“He’s charged, unfortunately, with something that is not a crime,” he said. “I think this prosecution is misplaced and we will file motions challenging the indictment and the jurisdiction.”

Prosecutors said Van Dyke had hatched his plan in December to set up an account on Polymarket, a Manhattan-based prediction market platform, and land a large payday off his insider knowledge of the classified operation.

Prediction markets have gained popularity over the last year or so, enabling users to place wagers on the outcome of current events, including politics, pop culture, sports or even the weather. A bet is placed on “yes” or “no” regarding the outcome of the event, with the winner cashing in and the loser getting nothing.

The Commodity Futures Trading Commission, which regulates prediction markets, has also filed civil charges against Van Dyke.

Polymarket, which allows users to place online wagers on “event contracts,” first opened gambling on Maduro’s removal in December 2024. A year later, as the military began intercepting alleged drug-smuggling boats headed for the United States and political rhetoric heated up regarding Maduro’s alleged connection to drug dealers, Polymarket posted another contract labeled “Maduro out … by Jan. 31”

Prosecutors charge that Van Dyke bought about $34,000 in “yes” contracts involving Venezuela or Maduro, after he became involved in the planning and operation to remove the former president.

“Rather than safeguard that information, as he was obliged to do, Van Dyke decided to use that classified information by attempting to obscure the source of his unlawful proceeds and to disguise his connection to the accounts linked to the illicit trades,” U.S. Attorney Jay Clayton said in the indictment.

After Van Dyke’s gamble paid off $409,881, the special forces soldier transferred his winnings to a foreign cryptocurrency account to hide his ill-gotten gains, federal prosecutors said, then placed the money in an online brokerage account.

 When news of the massive windfall made the press, Van Dyke asked Polymarket to delete his account, according to the indictment, telling the company that he could no longer access the email associated with it, officials said.

Federal prosecutor Ryan Finkel said the evidence in the case is based on emails and electronic records, which he said he will turn over to the defense in the next three weeks.

Van Dyke, who is currently on leave from the military, faces up to 10 years in prison if convicted.

His other attorney, Zach Intrater, said in court that the facts of the case are not in dispute and they will argue their case further in upcoming motions.

Van Dyke was released on a $250,000 bond and forced to surrender his passport and any firearms he had. The judge said she would reassess that restriction if he needed to return to his job in the military. 

He is due back in court June 8.