A Manhattan cryptocurrency investor faces serious charges for allegedly kidnapping and torturing an Italian man in an attempt to gain access to his digital assets.
37-year-old John Woeltz was arrested on Friday and appeared in Manhattan Criminal Court on Saturday. He is accused of holding a 28-year-old Italian man captive for several weeks in a luxury townhouse in SoHo, which rents for up to $30,000 a month.
According to a police report cited by The New York Times, the victim arrived in the U.S. on May 6 and was allegedly kidnapped by Woeltz and his accomplices shortly thereafter.
The assailants reportedly stole the man's passport and electronic devices, demanding the password to his Bitcoin (BTC) wallet. When he refused, the suspects allegedly subjected him to prolonged physical abuse.
The victim described being beaten, electrocuted, assaulted with firearms, and even being dangled from a five-story building.
He also told police that John cut his leg with a saw and forced him to use cocaine. Allegedly, the suspects also threatened his family.
Photographic evidence found at the property, including Polaroid photos, appears to support claims of ongoing abuse. The victim managed to escape and call the police on Friday, leading to John's arrest.
John is charged with four felonies, including kidnapping for ransom, and has pleaded not guilty. Judge Eric Schumacher ordered him held without bail. He is expected to appear in court again on May 28.
A 24-year-old woman was also detained on Friday in connection with the incident. However, she was seen walking freely in New York the following day, and no charges against her were found in the court's online database.
Authorities have not clarified the relationship between the suspects and the victim, nor confirmed whether any cryptocurrency was ultimately stolen.
With a surge in kidnapping and extortion cases, particularly in France, executives and investors in the cryptocurrency industry are increasingly seeking personal security services.
On May 18, Amsterdam-based private company Infinite Risks International reported an increase in requests for bodyguards and long-term protection contracts from notable figures in the field.
In response, French authorities have introduced enhanced protective measures for cryptocurrency entrepreneurs and their families, including security briefings and priority access to police assistance.
This comes against the backdrop of a recent spike in kidnapping and extortion attempts. David Balland, co-founder of hardware wallet company Ledger, was kidnapped in January 2025 and rescued by French police days later after being extorted.
In May 2024, the father of an unnamed cryptocurrency entrepreneur was freed from an extortion attempt after French law enforcement raided a location in the suburbs of Paris where organized criminals were holding hostages.
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Original: “Crypto Investor Charged with Kidnapping and Torturing an Italian for Keys”
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