Polymarket Account Linked to Farage Backer Routed $9M Crypto in Trump Bet
In brief
- Polymarket account in Cottrell's name received $8.8M in crypto from unknown sources in late October 2024.
- Funds staked entirely on Trump's election win, converted to $4.46M profit after his victory.
- Almost all winnings moved to other wallets; source and recipient of funds remain unclear.
- Cottrell bankrolls Farage's Reform UK operation including staff, security, and accommodation without full disclosure.
- Farage received gifts from other crypto-linked donors flagged by UK standards watchdogs.
The Account and the Bet
The account was filled with $7 million from cryptocurrency exchange OKX and $1.83 million routed through ChangeNOW in late October 2024. Each time funds landed, they were immediately staked on a Trump election victory. After Trump won, the account's position turned profitable—generating $4.46 million in gains. Almost all the funds were then moved back out to other wallets.
Blockchain investigator ZachXBT has flagged the account as belonging to Cottrell with high confidence. ZachXBT had previously flagged the GCottrell93 account earlier in 2024 over a $550,000 loss on a bet about U.S. strikes on Iran.
Cottrell's Ties to Farage and Unanswered Questions
George Cottrell is a convicted fraudster who has bankrolled Reform UK leader Nigel Farage. In 2016, U.S. prosecutors charged him with 21 counts over an alleged dark web money laundering scheme; he pleaded guilty to wire fraud and served eight months in prison. He has since applied for a U.S. presidential pardon.
A Sunday Times investigation found that Cottrell had bankrolled Farage's operation—covering staff, private security, transport, and accommodation in the year before Farage won his parliamentary seat. Farage did not declare these benefits under the MPs' code of conduct. Cottrell also covered Farage's security for months and recruited and paid three staff to run his social media. Since the election, Cottrell has let Farage use a five-storey house he rents near Buckingham Palace, minutes from Reform's headquarters.
The investigation also tied Cottrell to a crypto-gambling platform implicated in potentially illegal unlicensed betting in the UK. Both the Sunday Times and the Financial Times have pressed whether money from unidentified sources helped fund benefits for Farage or Reform. Cottrell's lawyers have declined to comment on his finances, specific transactions, or who beneficially owns the Polymarket wallet.
"Who provided the money, and who collected the winnings, is unclear." — Financial Times reporting
Broader Scrutiny of Farage's Funding
Farage's funding sources have drawn wider regulatory attention. Bankers filed a suspicious activity report over a £5 million ($6.7 million) gift to Farage from billionaire Tether investor Christopher Harborne. Farage was also reported to the UK's standards watchdog over alleged crypto lobbying. In July, Farage resigned his Clacton seat and forced a by-election, which he won unopposed by the main parties in August 2025.
