Polymarket Account in Farage Backer’s Name Nets $4.46 Million on Trump

Polymarket, a blockchain-based prediction market, lets traders use cryptocurrency to wager on political outcomes. Its surge during the 2024 U.S. presidential election also sharpened scrutiny of who funds large bets and who ultimately benefits. A Financial Times investigation into an account bearing the name of a financial backer of British politician Nigel Farage highlights how pseudonymous wallets can obscure the origin and ownership of money moving through election markets.

The account received $8.8 million in cryptocurrency from unidentified sources in 2024 and placed the entire amount on Donald Trump to win the U.S. election, the Financial Times reported. The position generated a $4.46 million profit. Afterward, the account transferred most of the funds to other wallets. The identities of the original funders and ultimate beneficiaries remained unclear at the time of the report.