Retired physical therapist loses $228,000 to pig butchering crypto scam in Connecticut

Summary

A Connecticut man lost his life savings to a cryptocurrency scam, wiping out his 401(k), IRA, and investment accounts. Joe Allen, a retired physical therapist from Shelton, was targeted in August by a company called ZAP Solutions, which promised high returns through a crypto work-from-home opportunity. Allen initially invested $30,000 and was later persuaded to transfer additional funds, ultimately losing $228,000. Scammers used a "pig butchering" method, building trust over time before stealing his funds through a fake crypto platform. Authorities, including Shelton police and the FBI, are investigating the case as part of a broader rise in digital investment fraud. Law enforcement has reported over $50 billion in cybercrime losses between 2020 and 2024, with pig butchering scams being a major contributor.