Nigeria Nabs Polyfarm Operator in Multi-Million Dollar Crypto Fraud

- Nigerian authorities arrest Polyfarm operator in major crypto scam - Scheme involved fake Polygon ties, Ponzi structure, and false hack claims Nigerian law enforcement arrested Gift Wandji, the operator of the fraudulent cryptocurrency investment platform Polyfarm, in a multi-million-dollar crypto scam. The Nigerian Security and Civil Defence Corps (NSCDC) first arrested Wandji on January 12, 2026, and according to multiple media reports, transferred him to the Economic and Financial Crimes Commission (EFCC) on January 30 for further investigation. Polyfarm operated as a Ponzi scheme, promising investors sky-high returns while falsely claiming an official partnership with Polygon, a trusted blockchain platform. In addition, the platform introduced its own cryptocurrency, "Polyfarm coin," which investigators found was worthless. Wandji actively promoted the fraudulent venture through social media campaigns and seminars in major Nigerian cities, including Lagos and Port Harcourt, to lure unsuspecting investors. When investor withdrawals mounted, Wandji tried to deflect criticism by falsely claiming the notorious Lazarus Group, a global cybercriminal organization, had hacked the platform. However, the EFCC investigated the claims and found no evidence of a hack. Instead, authorities determined that Wandji had personally misappropriated investors' funds. The investigation also revealed that Polyfarm lacked the required license or registration from Nigeria's Securities and Exchange Commission (SEC), confirming its illegitimacy. This arrest marks a significant step in Nigeria's broader efforts to crack down on the rising tide of cryptocurrency scams, as both the EFCC and the SEC have intensified efforts to safeguard citizens against fraudulent schemes plaguing the country's tech and financial sectors. As of 16:08 UTC on January 31, 2026, Polygon (POL) is trading at $0.103. According to market data, this reflects a 6.47% decrease in its 24-hour trading volume.