Accused NYC Crypto Bros Granted $1 Million Bail — but Judge Bars Bitcoin Payment
July 23, 2025 — Two New York City men charged with kidnapping and torturing an Italian cryptocurrency millionaire have been granted $1 million bail apiece — with a clear caveat: their bail cannot be paid using Bitcoin or any other cryptocurrency.
The decision came after a tense Manhattan Supreme Court hearing concerning John Woeltz, 37, and William Duplessie, 33. Both men face serious allegations, including kidnapping and sadistic torture of Michael Valentino Teofrasto Carturan, an Italian crypto trader.
Manifesto Details Alleged Plot to Steal Crypto from Foreigners
Prosecutors revealed an explosive discovery made during a federal search of Woeltz’s Kentucky cabin: a manifesto written by the defendants outlining plans to confiscate cryptocurrency from foreigners. Manhattan Assistant District Attorney Sarah Khan described the document as a chilling blueprint stating, “we will take crypto and bitcoin from evil people that are using it to fund terrorism… It is our belief that people need to use their coin.”
Khan urged the court to keep the accused behind bars, stressing that the kidnapping and torture of Carturan were elements of a broader, sinister conspiracy. She described the horrific abuse, which allegedly included lighting the victim on fire and using a chainsaw, as efforts to force Carturan to reveal the password to his Bitcoin holdings.
Defense Describes the Incident as “Fraternity-Like Hazing”
The defense painted a strikingly different picture. Woeltz’s attorney, Wayne Gosnell, vehemently denied that torture occurred, instead likening the event to a prolonged “fraternity-like hazing” party. Gosnell argued that Carturan acted as a “pledge” in this twisted social dynamic.
Duplessie’s lawyer, Sanford Talkin, supported this portrayal, emphasizing Carturan’s voluntary participation in drug use, alcohol consumption, and sexually charged encounters documented during the alleged ordeal. Defense counsel also highlighted text messages in which the defendants joked about Carturan’s physical attributes, underscoring their claim that, despite the bizarre circumstances, the atmosphere was consensual.
Judge Sets Traditional Bail, Rejects Cryptocurrency Payment
Presiding Justice Gregory Carro ultimately ruled in favor of bail, setting a steep $1 million bond for each man. Notably, the judge explicitly prohibited payment of bail in cryptocurrency, insisting that the financial guarantee must be made with traditional, non-digital currency.
Both Woeltz and Duplessie remain free on home confinement under the condition they pay the cash bail. Woeltz is reportedly seeking housing in New York, while Duplessie plans to look for accommodations in Florida.
Incident Emerged After Victim’s Dramatic Escape
The shocking case came to light on May 23, when Carturan was seen fleeing barefoot from a SoHo townhouse. He reportedly told a police officer that he had been detained inside for weeks. The NYPD subsequently conducted an extensive search of the premises, uncovering evidence supporting the allegations.
Despite the disturbing claims, both defendants have entered pleas of not guilty to the kidnapping charges. Prosecutors continue to maintain that the violent acts were deliberate attempts to coerce access to Carturan’s cryptocurrency assets. They also mentioned that the defendants had allegedly held two other victims against their will, though no further details were disclosed.
Ongoing Legal Proceedings
The court battle now proceeds with the high stakes of the case underlined by conflicting narratives—between prosecutors’ accusations of calculated, torturous conduct linked to cybercrime, and a defense characterization of bizarre but consensual hazing rituals.
John Woeltz and William Duplessie remain under strict court supervision as their legal saga unfolds, highlighting complex intersections of cryptocurrency, violent crime, and modern-day justice.
Filed under: Bail, Cryptocurrency, Kidnappings, New York City, Supreme Court