Polymarket Account in Farage Backer’s Name Took $9M in Crypto From Unknown Sources: FT

A Polymarket account within the identify of George Cottrell, the convicted fraudster who has bankrolled Reform UK chief Nigel Farage, took in $8.8 million in cryptocurrency from unidentified sources in 2024 and used it to wager on Donald Trump’s election victory, the Monetary Instances reported.

The account, registered as “GCottrell93,” was stuffed in late October 2024 from two crypto exchanges—$7 million from OKX, despatched in 5 tranches, and $1.83 million routed by ChangeNOW, the FT stated, citing public blockchain information. Every time cash landed, it was instantly staked on a Trump win. After his victory, which the account changed into $4.46 million in revenue, nearly all of the funds have been moved again out to different wallets. Who offered the cash, and who collected the winnings, is unclear.

The prediction market account has not been formally linked to Cottrell. Blockchain investigator ZachXBT has stated he holds “excessive confidence” that it belongs to him, after flagging it earlier this yr over a $550,000 loss on a wager about U.S. strikes on Iran. Cottrell’s legal professionals declined to touch upon his funds or particular transactions, and stated their silence didn’t imply he accepted the FT‘s findings. Reform UK didn’t reply to the paper.

Farage and Cottrell

A Sunday Instances investigation earlier this month discovered that Cottrell had bankrolled Farage’s operation—employees, non-public safety, transport, and lodging—within the yr earlier than he received his parliamentary seat, advantages the Reform chief didn’t declare. Below the MPs’ code of conduct, members should disclose presents, advantages, and hospitality that “would possibly moderately be thought by others to affect [their] actions or phrases.” Cottrell had lined Farage’s safety for months, the paper reported, and recruited and paid three employees to run his social media. 

The investigation additionally tied Cottrell to a crypto-gambling platform it stated was implicated in “probably unlawful” unlicensed betting within the UK. Because the election, the Sunday Instances reported, he has let Farage use a five-storey home he rents close to Buckingham Palace, minutes from Reform’s headquarters; his lawyer stated that “as a detailed pal,” Cottrell “did, and does, permit Mr Farage to remain in” the property.



Each the Sunday Instances and the FT have pressed whether or not cash from unidentified sources helped fund advantages for Farage or Reform, a query Cottrell has declined to reply, together with on who beneficially owns the Polymarket pockets.

Cottrell, 32, was born into an aristocratic household. In 2016, U.S. prosecutors charged him with 21 counts over an alleged “darkish internet” cash laundering scheme; he pleaded responsible to a single rely of wire fraud underneath a deal that dropped the remainder, and served eight months in jail. He has since utilized for a U.S. presidential pardon, the Sunday Instances reported.

Farage’s crypto ties

The report comes amid deepening scrutiny of Farage’s crypto connections. Earlier this month, it was revealed that bankers had filed a suspicious exercise report over a £5 million ($6.7 million) reward to him from billionaire Tether investor Christopher Harborne, and he was reported to the UK’s requirements watchdog over alleged crypto lobbying. 

Farage resigned his Clacton seat on July 8 and compelled a by-election he solid as a “folks versus institution” combat, denying wrongdoing after weeks of scrutiny over his funds. The primary events—Labour, the Conservatives, the Liberal Democrats, and the Greens—refused to face, dismissing the competition as a stunt. 

Amongst a report subject of 34 contenders, Farage’s most outstanding challenger within the August 13 vote is satirical candidate Rely Binface, who payments himself as an “intergalactic area warrior” from the planet Sigma IX and campaigns with a steel dustbin on his head.