Dear MEL Topic Readers,
US special forces soldier arrested after allegedly winning $400,000 on
Maduro raid
A US soldier who was involved in the planning and execution of the
capture of Venezuelan President Maduro was recently arrested and charged with using
classified information for his financial gain. He opened an account on
Polymarket, an American cryptocurrency-based prediction market, in late December,
bet $32,000 on the president’s removal, and earned more than $400,000 after the
US military operation in January. A prediction market is a platform where
individuals can bet on the outcomes of future events, such as sports matches,
economic indicators, weather patterns, awards, political and legislative
outcomes, and military conflicts. Users of the platform can buy and sell “yes”
or “no” shares of events using a stablecoin pegged 1:1 to the US dollar. It is,
like insider trading, absolutely illegal to use classified or unannounced
information on prediction markets, but the return on betting in a prediction
market could be much higher than the return on investment in the stock market.
Anyone who has unreleased information could be a bidder in a prediction market
in sports, business, or public service.
Read the article and learn how classified information was used in a
prediction market.
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