The Financial Times reports a Polymarket account registered as "GCottrell93" received about $8.8 million in crypto in late October 2024 and used the funds to bet on Donald Trump’s election victory, later turning the position into roughly $4.46 million in profit. Blockchain investigator ZachXBT says he is "high confidence" the wallet belongs to George Cottrell, a backer of Nigel Farage, though no formal link has been established. The revelations follow Sunday Times reporting that Cottrell financed Farage’s staff, security and accommodation, and come as Farage faces intensified scrutiny over multiple crypto-related ties.
Polymarket Wallet Linked to Farage Backer Took $8.8M in Crypto to Bet on Trump, FT Reveals
Polymarket Account in Farage Backer's Name Took $9M in Crypto From Unknown Sources: FT
A Polymarket account registered as "GCottrell93" received roughly $8.8 million in cryptocurrency in late October 2024 and immediately used the funds to place bets on Donald Trump’s election victory, the Financial Times reports. Public blockchain data analysed by the FT shows most deposits originated from two crypto platforms and were staked on the same outcome as soon as they arrived.
Funding and Flows
According to the FT, about $7 million arrived in five tranches from the exchange OKX, while roughly $1.83 million was routed through the service ChangeNOW. Each deposit was promptly staked on a Trump win; after the market resolved, the position was converted into approximately $4.46 million of profit and nearly all funds were moved out to other wallets. The identity of the depositors and the ultimate recipients of the payouts remain unclear.
Ownership And Investigation
The Polymarket account has not been formally proven to belong to George Cottrell. Blockchain investigator ZachXBT told the FT he has "high confidence" the wallet is connected to Cottrell, citing earlier activity — including about a $550,000 loss on a bet linked to possible U.S. strikes on Iran — that first drew attention to the address. Cottrell’s lawyers declined to comment on his finances or specific transactions and said their silence should not be taken as acceptance of the FT’s findings. Reform UK did not respond to the FT.
Related Reporting on Farage’s Funding
A separate investigation by The Sunday Times earlier this month reported that Cottrell funded Nigel Farage’s operation in the year before Farage won a parliamentary seat, covering staff, private security, transport and accommodation that were not declared under MPs’ rules. The Sunday Times also tied Cottrell to a crypto-gambling site it said may have been operating without a UK licence, and said Cottrell allowed Farage to use a five-storey house he rents near Buckingham Palace.
Broader Scrutiny
The FT’s story arrives amid growing examination of Farage’s crypto links. Bankers reportedly filed a suspicious activity report over a separate £5 million gift from investor Christopher Harborne to Farage, and Farage has been reported to the UK’s parliamentary standards watchdog amid allegations of crypto lobbying. Farage has denied wrongdoing.
Background
George Cottrell, 32, previously pleaded guilty to a single count of wire fraud in a 2016 US case relating to an alleged dark-web money-laundering scheme and served eight months in prison. The Sunday Times has also reported he has applied for a U.S. presidential pardon.
Political Context
Farage resigned his Clacton seat on July 8 and triggered a by-election he framed as a "people versus establishment" contest. Major parties declined to contest the by-election; among the record field of 34 candidates is the satirical contender Count Binface.
Note: The FT and The Sunday Times have pressed whether funds from unidentified sources helped fund benefits to Farage or Reform UK; Cottrell has declined to answer questions about the source or beneficial ownership of the Polymarket wallet.
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