Summary
- The Financial Times revealed that a Polymarket account registered under George Cottrell, a convicted fraudster supporting Nigel Farage, received $8.8 million in cryptocurrency from unknown sources in 2024.
- This "GCottrell93" account placed a bet on Donald Trump winning the U.S. election, earning $4.46 million in profit, which was subsequently transferred to other wallets.
- A prior investigation by the Sunday Times indicated that Cottrell financed various expenses for Farage, which Farage denied needed to be disclosed.
A Polymarket account associated with George Cottrell, a convicted fraudster known for backing Reform UK leader Nigel Farage, reportedly accumulated $8.8 million in cryptocurrency from unidentified sources during 2024, which was utilized to wager on Donald Trump's election win, according to the Financial Times.
The account, identified as "GCottrell93," received funds in late October 2024 from two cryptocurrency exchanges—$7 million from OKX in five separate transactions and $1.83 million via ChangeNOW, as reported by the FT based on public blockchain records. Each time funds were deposited, they were promptly staked on a Trump victory. Following his win, the account generated a profit of $4.46 million, with nearly all of the funds being transferred to different wallets. The origins of the funds and the recipients of the profits remain unclear.
The prediction market account has not been officially connected to Cottrell. Blockchain analyst ZachXBT has expressed "high confidence" that it is indeed his, having previously flagged it earlier this year concerning a $550,000 loss related to a bet on U.S. strikes in Iran. Cottrell's legal representatives have chosen not to comment on his financial dealings or specific transactions, asserting that their silence does not imply acceptance of the FT's conclusions. Reform UK has not provided a response to the publication.
Connection Between Farage and Cottrell
A recent Sunday Times report disclosed that Cottrell financed various aspects of Farage's operations—staff, security, travel, and lodging—in the year preceding his parliamentary election, benefits that Farage did not declare. According to the MPs' code of conduct, members are required to disclose any gifts, benefits, and hospitality that could be perceived as influencing their actions or statements. The report indicated that Cottrell had provided Farage with security for several months and had hired three staff members to manage his social media accounts.
The investigation also linked Cottrell to a crypto-gambling platform alleged to be involved in "potentially illegal" unlicensed betting activities in the UK. Since Farage's election, the Sunday Times noted that Cottrell has allowed Farage to use a five-storey property he rents near Buckingham Palace, just minutes away from the Reform UK headquarters; his lawyer stated that Cottrell, as a close friend, "did, and does, allow Mr. Farage to stay in" the residence.
Both the Sunday Times and the FT have raised questions about whether funds from unknown sources contributed to benefits for Farage or Reform UK, a matter Cottrell has not addressed, including inquiries about the beneficial ownership of the Polymarket account.
Cottrell, 32, hails from an aristocratic family. In 2016, he faced 21 charges from U.S. prosecutors related to an alleged "dark web" money laundering operation; he ultimately pleaded guilty to a single wire fraud charge as part of a plea deal that dismissed the others, serving eight months in prison. He has since sought a presidential pardon in the U.S., according to the Sunday Times.
Farage's Cryptocurrency Associations
This report surfaces amid increasing scrutiny of Farage's connections to cryptocurrency. Earlier this month, it was disclosed that bankers had submitted a suspicious activity report concerning a £5 million ($6.7 million) gift to him from billionaire Tether investor Christopher Harborne, and he was also reported to the UK's standards watchdog over allegations of crypto lobbying.
Farage resigned from his Clacton seat on July 8, prompting a by-election that he framed as a struggle between the "people and the establishment," while denying any misconduct following weeks of scrutiny regarding his finances. The main political parties—Labour, the Conservatives, the Liberal Democrats, and the Greens—declined to participate, dismissing the election as a publicity stunt.
Among a record 34 candidates, Farage’s most notable opponent in the August 13 election is the satirical candidate Count Binface, who promotes himself as an “intergalactic space warrior” from the planet Sigma IX, campaigning with a metal dustbin on his head.