Polymarket account linked to Farage backer received $9M in crypto from unknown sources and profited on Trump election bet, raising regulatory scrutiny questions.
Regulation & Gov ·
A Polymarket account registered as "GCottrell93" received $8.8 million in cryptocurrency from unidentified sources in late October 2024, according to reporting by the Financial Times. The account is believed to belong to George Cottrell, a convicted fraudster who has provided financial backing to Reform UK leader Nigel Farage. Blockchain data showed the funds arrived via two crypto exchanges—$7 million from OKX in five tranches and $1.83 million through ChangeNOW—and were immediately wagered on a Donald Trump election victory.
The account generated $4.46 million in profit following Trump's win, with nearly all the winnings subsequently moved to other wallets. Cottrell's lawyers have declined to comment on the transactions or his finances, stating silence should not be construed as acceptance of the Financial Times' findings. Blockchain investigator ZachXBT has indicated high confidence the account belongs to Cottrell.
The discovery raises unresolved questions about the source of the initial funds and the ultimate recipient of the profits. No formal connection between the account and Cottrell has been established. The episode compounds scrutiny over Farage's financial relationships, following separate reporting that Cottrell funded the Reform leader's staff, security, transport, and accommodation without proper disclosure under parliamentary conduct rules.