A Polymarket account in the name of George Cottrell received $8.8 million in cryptocurrency from unidentified sources in 2024, the Financial Times reported. Cottrell, a convicted fraudster who has funded Reform UK leader Nigel Farage, used the account—registered as 'GCottrell93'—to bet on Donald Trump's election victory. The funds arrived in late October 2024 via two crypto exchanges: $7 million from OKX in five tranches and $1.83 million through ChangeNOW, according to public blockchain data cited by the FT. Each deposit was immediately staked on a Trump win, generating $4.46 million in profit after the election, with nearly all funds subsequently moved out to other wallets. The transactions emerged amid heightened scrutiny of Farage's finances after a Sunday Times investigation found Cottrell had paid for Farage's travel, staff, and security in the year before Farage won his parliamentary seat—benefits Farage did not declare under UK MPs' code of conduct, which requires disclosure of gifts that might influence a member's actions.
Polymarket Account Received $8.8M Through OKX and ChangeNOW in Late October 2024
The 'GCottrell93' account was filled in late October 2024 from two crypto exchanges, the Financial Times reported, citing public blockchain data. OKX sent $7 million in five separate tranches, while ChangeNOW routed $1.83 million to the account. Each time money landed, it was immediately staked on a Trump win, the FT said. After Trump's victory, the account booked $4.46 million in profit. Almost all the funds were then moved back out to other wallets, according to the report. Who provided the money and who collected the winnings remains unclear, the FT noted.
The prediction market account has not been formally linked to Cottrell. Blockchain investigator ZachXBT said he holds 'high confidence' that it belongs to Cottrell, after flagging it earlier this year over a $550,000 loss on a bet about U.S. strikes on Iran, the FT reported. Cottrell's lawyers declined to comment on his finances or specific transactions, and said their silence did not mean he accepted the FT's findings, according to the paper. Reform UK did not respond to the FT.
Sunday Times Investigation Found Cottrell Funded Farage's Staff and Security
A Sunday Times investigation earlier this month found that Cottrell had bankrolled Farage's operation—staff, private security, transport, and accommodation—in the year before Farage won his parliamentary seat. The Reform leader did not declare these benefits, the paper reported. Under the MPs' code of conduct, members must disclose gifts, benefits, and hospitality that 'might reasonably be thought by others to influence [their] actions or words.'
Cottrell covered Farage's security for months and recruited and paid three staff to run his social media, the Sunday Times reported. The investigation also tied Cottrell to a crypto-gambling platform the paper said was implicated in 'potentially illegal' unlicensed betting in the UK. Since the election, Cottrell has let Farage use a five-storey house he rents near Buckingham Palace, minutes from Reform's headquarters, the Sunday Times reported. Cottrell's lawyer said that 'as a close friend,' Cottrell 'did, and does, allow Mr Farage to stay in' the property.
Both the Sunday Times and the Financial Times have pressed whether money from unidentified sources helped fund benefits for Farage or Reform. Cottrell has declined to answer, including on who beneficially owns the Polymarket wallet, the papers reported.
Cottrell Pleaded Guilty to Wire Fraud in 2016
Cottrell, 32, was born into an aristocratic family. In 2016, U.S. prosecutors charged him with 21 counts over an alleged 'dark web' money laundering scheme, the Financial Times reported. He pleaded guilty to a single count of wire fraud under a deal that dropped the rest, and served eight months in prison, the FT said. He has since applied for a U.S. presidential pardon, the Sunday Times reported.
Farage Resigned Parliamentary Seat on July 8
The Financial Times report comes amid deepening scrutiny of Farage's crypto connections. Earlier this month, it was revealed that bankers had filed a suspicious activity report over a £5 million ($6.7 million) gift to him from billionaire Tether investor Christopher Harborne, and he was reported to the UK's standards watchdog over alleged crypto lobbying, the FT noted.
Farage resigned his Clacton seat on July 8 and forced a by-election he cast as a 'people versus establishment' fight, denying wrongdoing after weeks of scrutiny over his finances, the paper reported. The main parties—Labour, the Conservatives, the Liberal Democrats, and the Greens—refused to stand, dismissing the contest as a stunt, the FT said. Among a record field of 34 contenders, Farage's most prominent challenger in the August 13 vote is satirical candidate Count Binface, who bills himself as an 'intergalactic space warrior' from the planet Sigma IX and campaigns with a metal dustbin on his head, according to the report.
FAQ
What did the Polymarket account in George Cottrell's name do in 2024?
The account, registered as 'GCottrell93,' received $8.8 million in cryptocurrency from unidentified sources in 2024 and used it to bet on Donald Trump's election victory, the Financial Times reported. The funds arrived in late October 2024 through OKX ($7 million) and ChangeNOW ($1.83 million), were immediately staked on a Trump win, and generated $4.46 million in profit, with nearly all funds subsequently moved out to other wallets.
Why did the Sunday Times investigate George Cottrell's relationship with Nigel Farage?
The Sunday Times investigation found that Cottrell had paid for Farage's travel, staff, private security, and accommodation in the year before Farage won his parliamentary seat—benefits Farage did not declare. Under UK MPs' code of conduct, members must disclose gifts and benefits that might reasonably be thought to influence their actions, the paper reported.
What happened after Nigel Farage resigned his parliamentary seat on July 8?
Farage forced a by-election in his Clacton seat, casting it as a 'people versus establishment' fight and denying wrongdoing after weeks of scrutiny over his finances, the Financial Times reported. The main parties refused to stand, dismissing the contest as a stunt. The by-election is scheduled for August 13, with a record field of 34 contenders including satirical candidate Count Binface.
