A man from Shelton, Connecticut, has lost $228,000 in savings to an online cryptocurrency investment scam. Joe Allen shared his story to warn others after falling victim to fraudsters posing as ZAP Solutions. His family has reported the incident to local police and the FBI.
Joe Allen, a former physical therapist from Shelton, Connecticut, lost his entire life savings after being lured into an online cryptocurrency investment scam. The ordeal began in August when he received a text message from a fraudulent company calling itself ZAP Solutions, offering a work-from-home crypto investment opportunity. Allen initially wired $30,000 with the promise of turning it into $368,000 through a short-term investment.
As the scheme progressed, Allen found himself deeper in what he described as a 'rabbit hole.' 'I just kept getting lead further and further down this rabbit hole of having to wire money for this short term investment that never panned out to be anything,' Allen said. When he was locked out of his account, the scammers demanded more money to regain access, ultimately draining his 401K, IRA, and other investment accounts from his divorce. In total, Allen lost $228,000. 'When I tell you everything, my entire 401K, my entire IRA, my investment accounts from my divorce. Every penny I own has been wired away,' he explained.
Allen's mother, Carol Allen, was shocked upon learning the extent of the loss. 'I was shocked when he told us. In the beginning, it was $30,000. I said, ‘It’s only $30,000?’ And then he let us know about everything. He showed us the screenshots, the text messages. He said, ‘I emptied out my 401K and my IRA,’' she recounted.
The family met with Shelton police on October 15, 2025, to file a report and contacted the FBI earlier that week. Police informed them recovery was unlikely. 'They told me there’s no way to recover it. People get taken when they’re at their lowest, and they think there’s an opportunity out there. These cyber stalkers find ways of washing the money so quickly,' Carol said. The FBI reports that cybercriminals have scammed over $50 billion from victims between 2020 and 2024.
Allen urged caution: 'If it seems too good to be true, it probably is.' The family is considering launching a GoFundMe to help recover financially.