Polymarket Account Linked to Convicted Fraudster Received Millions in Crypto for Trump Election Bets
A Polymarket account registered under the name “GCottrell93,” believed to belong to convicted fraudster George Cottrell, received $8.8 million in cryptocurrency from unidentified sources in 2024 and was used to place bets on Donald Trump’s election victory, according to a report by the Financial Times.
Crypto Transactions and Betting Activity
The account was funded in late October 2024 through two cryptocurrency exchanges: $7 million from OKX, transferred in five installments, and $1.83 million routed via ChangeNOW, the Financial Times reported, citing public blockchain data. Immediately upon receipt, these funds were staked on a Trump win. Following Trump’s victory, the account reportedly yielded a profit of $4.46 million. Subsequently, almost all the funds were moved out to other digital wallets. The identities of both the money providers and the recipients of the winnings remain undisclosed.
Blockchain Investigator’s Assessment and Cottrell’s Silence
While the Polymarket account has not been formally linked to Cottrell, blockchain investigator ZachXBT stated he has “high confidence” it belongs to him. ZachXBT had previously flagged the account earlier this year in relation to a $550,000 loss on a bet concerning U.S. strikes on Iran. Cottrell’s legal representatives declined to comment on his financial matters or specific transactions, emphasizing that their silence did not constitute an acceptance of the Financial Times’ findings. Reform UK did not provide a response to the newspaper.
Cottrell’s Financial Support for Nigel Farage
A separate investigation by The Sunday Times earlier this month revealed that Cottrell had financed Nigel Farage’s operations, covering expenses such as staff, private security, transportation, and accommodation, in the year leading up to Farage’s election to Parliament. These benefits were not declared by the Reform UK leader. Under the MPs’ code of conduct, members are required to disclose gifts, benefits, and hospitality that could reasonably be perceived by others as influencing their actions or words. The Sunday Times also reported that Cottrell had provided security for Farage for several months and had recruited and paid three staff members to manage his social media presence.
Allegations of Unlicensed Betting and Property Use
The Sunday Times investigation also connected Cottrell to a cryptocurrency gambling platform allegedly involved in “potentially illegal” unlicensed betting operations in the UK. Since the election, Cottrell has reportedly allowed Farage to reside in a five-story house he rents near Buckingham Palace, a short distance from Reform UK’s headquarters. Cottrell’s lawyer stated that as a “close friend,” Cottrell “did, and does, allow Mr Farage to stay in” the property.
Unanswered Questions on Funding and Ownership
Both The Sunday Times and the Financial Times have raised questions about whether funds from unidentified sources were used to subsidize benefits for Farage or Reform UK. Cottrell has declined to answer these inquiries, including questions about the beneficial ownership of the Polymarket wallet.
Cottrell’s Background and Legal History
George Cottrell, 32, comes from an aristocratic background. In 2016, U.S. prosecutors charged him with 21 counts related to an alleged “dark web” money laundering scheme. He pleaded guilty to a single count of wire fraud as part of a plea agreement that saw the remaining charges dropped, and he served eight months in prison. The Sunday Times reported that he has since applied for a U.S. presidential pardon.
Increased Scrutiny of Farage’s Crypto Ties
This report emerges amid heightened scrutiny of Farage’s connections to cryptocurrency. Earlier this month, it was disclosed that bankers had filed a suspicious activity report concerning a £5 million ($6.7 million) gift to Farage from billionaire Tether investor Christopher Harborne. Farage was also reportedly referred to the UK’s standards watchdog over alleged crypto lobbying activities.
Farage’s Resignation and By-Election
Farage resigned his parliamentary seat in Clacton on July 8, triggering a by-election which he framed as a “people versus establishment” contest. He has denied any wrongdoing following weeks of scrutiny regarding his finances. The major political parties—Labour, the Conservatives, the Liberal Democrats, and the Greens—declined to field candidates, characterizing the contest as a publicity stunt.
Unusual By-Election Challenger
In the August 13 by-election, Farage faces a record field of 34 contenders. His most notable challenger is satirical candidate Count Binface, who describes himself as an “intergalactic space warrior” from the planet Sigma IX and campaigns with a metal dustbin on his head.
