- More than $1 billion has been wagered this year on military decisions and outcomes. Prediction markets now offer bets on attack dates, airspace closures and leadership changes, making advance military information potentially profitable to people outside the armed forces.
- A US soldier allegedly used classified access to the Maduro raid to win more than $400,000. Army Master Sergeant Gannon Van Dyke allegedly staked approximately $34,000, including six bets the day before the January 3 operation, withdrew his winnings and tried to delete his Polymarket account; he pleaded not guilty.
“There is nothing to compare that to.” — Rob Schwartz, former CFTC lawyer.
- Nine linked Polymarket accounts allegedly made $2.4 million betting almost exclusively on US military operations. Bubble Maps investigator Deeds said they won 98% of the time, including bets on the first US strikes in Iran, the removal of Iran's supreme leader and the ceasefire announcement.
“Luck alone cannot explain those numbers.” — Deeds.
- The Van Dyke case may be only one part of a much larger insider network. A Defense Department source reportedly told Deeds there were dozens more cases; former military officer Deeb identified government officials, military planners, intelligence analysts and even spouses as potential recipients of advance information.
“Van Dyke was just a small fish.” — Defense Department source, as relayed by Deeds.
- An $800 million position on falling oil prices appeared 15 minutes before Trump announced talks with Iran on March 23. Oil subsequently fell more than 10%, potentially generating profits of up to $80 million; federal investigators are probing the trades, although the trading pattern alone cannot establish insider trading.
“You see this graph and you think insider trading. That's a natural conclusion to draw. I can't know it without knowing what happened.” — David Covel.
- A Polymarket wager prompted death threats against a journalist whose reporting threatened bettors' positions. Times of Israel correspondent Emmanuel Fabian received a $900,000-loss warning and threats referencing his family; the related March 10 market reached $22 million, he refused to change his story, reported the threats to police, and Polymarket banned the accounts.
“You're going to make us lose $900,000.”
“I know how often you visit your family.” — Messages sent to Fabian.
- The CFTC's enforcement capacity has contracted while war betting has expanded. Enforcement actions have fallen by more than two-thirds since 2024, staffing has dropped sharply, and the historically five-member commission is now run by 36-year-old chairman Michael Selig, who declined an interview; the agency says it is hiring and using AI.
- Suspicious betting could become a national-security vulnerability, not just a financial crime. Trading patterns are visible to analysts and potentially foreign adversaries, who could use them to anticipate US military plans; a March White House memo warned staff that trading on non-public information is criminal.
“This could be putting people's lives at risk.” — Source interviewed by 60 Minutes.