Retired journalist loses $270,000 to ‘pig-butchering’ scam after online romance turns into fake gold investment scheme

An 82-year-old retired journalist lost $271,000 after a months-long “pig-butchering” romance scam that steered him into a fake short-term gold trading platform (SunX). Initial small wins prompted escalating deposits — the victim reportedly saw a fabricated $1.3 million account balance before scammers demanded $216,000 in “taxes” to release funds. The case highlights how fraudsters target retail investors via social engineering and fake precious‑metals trading offers, posing reputational and trust risks for legitimate online gold trading platforms and potentially chilling retail demand for online gold products. The article warns investors to be skeptical of unsolicited contacts, to avoid paying withdrawal “fees,” and to verify platforms to reduce the risk of similar losses.