A man from Shelton, living with a disability, lost his entire life savings after falling victim to a cryptocurrency “task scam.” The ordeal began when he received an unsolicited text message from scammers posing as representatives of a company, offering him a remote investment opportunity in cryptocurrency. The scammers promised significant returns if he deposited money to participate in a series of online tasks, in what they called a short-term investment.

Initially, he invested $30,000 with the promise that it would yield over $350,000. Encouraged by the scammers, he continued to deposit larger amounts, believing each new payment was bringing him closer to a big payout. However, every time he tried to withdraw his funds, he was told there was a problem and that more money was needed to unlock his account. In total, he ended up losing $228,000—his entire 401K, IRA, and investment savings.

When his family learned of the scam, they contacted local police and the FBI, but authorities explained that recovering the stolen money would be nearly impossible. Law enforcement officials warn that cryptocurrency “task scams” are on the rise, often targeting vulnerable individuals by luring them with promises of easy money and leveraging seemingly legitimate online job offers.

These scams operate by requiring victims to “invest” their own money up front, with scammers manipulating their trust and progressively demanding more funds under various pretexts. Once a victim is ensnared, their accounts are typically locked, and the scammers disappear with the deposits.

The victim and his family have chosen to share their experience to warn others, emphasizing that if something sounds too good to be true, it probably is. Police and consumer advocates urge the public to be extremely cautious of unsolicited investment opportunities, especially those that involve cryptocurrency payments or pressure to keep details secret. Anyone who suspects they have been targeted by such scams should stop all communications with the scammers, avoid sending more money, and promptly report the incident to authorities.