The United States will prosecute a military service member who profited millions of dollars through insider trading.

According to sources familiar with the matter, federal authorities are preparing to sue a U.S. service member accused of betting on military operations on the Polymarket platform and reaping over $1 million in profits, part of an upcoming wave of insider trading cases. The service member, who has been under scrutiny since spring, successfully wagered on events linked to military strikes against Iran and Venezuela on the prediction market, sources said. This is one of multiple probes targeting service members involved in trading so-called "war contracts"—contracts tied to the timing and outcomes of military actions. Separately, U.S. authorities are also investigating an employee at KPMG, who is suspected of betting a company would outperform market consensus expectations. (Wall Street Journal)