Manhattan Crypto Investor Charged with Kidnapping and Torturing Italian Man for Bitcoin Credentials
New York, NY – May 20, 2024 – A crypto investor was arraigned on serious charges in Manhattan after allegedly kidnapping and torturing an Italian man in a disturbing scheme to obtain access to Bitcoin wallet credentials. John Woeltz, 37, faces multiple felony charges following an incident that reportedly stretched over several weeks in a luxury townhouse in Soho, which he rented for an exorbitant $30,000 per month.
Details of the Allegation
According to reports from The New York Times, the victim, a 28-year-old Italian man, arrived in the United States on May 6 when he was reportedly abducted by Woeltz and an accomplice. The suspects allegedly confiscated the victim’s passport and electronic devices before demanding access to his Bitcoin wallet. When the victim refused to comply, he was allegedly subjected to a harrowing ordeal of physical abuse.
The police report describes a chilling sequence of events where the victim was beaten and tortured. Disturbingly, he claimed to have been electrocuted, threatened with a firearm, and even dangled from upper floors of the five-story townhouse. In a particularly brutal account, Woeltz is alleged to have used a saw on the victim’s leg and forced him to smoke crack cocaine, all while making threats against the victim’s family.
Evidence supporting these claims was reportedly uncovered by authorities, including photographic evidence of the alleged torture. The victim managed to escape on Friday and subsequently alerted the police, which led to Woeltz’s arrest.
Legal Proceedings and Current Status
Woeltz was charged with four felony counts, including kidnapping for ransom, and entered a plea of not guilty during his arraignment on Saturday. Judge Eric Schumacher ordered him to be held without bail, with a subsequent court date set for May 28. In connection with the incident, a 24-year-old woman was also taken into custody, but she was seen walking freely in New York the following day. Current reports indicate that no charges have been filed against her at this time, and the nature of her relationship with the suspect or the victim remains unclear.
Context of Rising Crypto-Related Crimes
This incident reflects a broader trend in the cryptocurrency space, where the rise in digital asset investments has been accompanied by an increase in crime. Reports indicate that violent robberies targeting cryptocurrency investors are becoming more common, as highlighted by the disturbing trend of kidnappings for ransom among high-profile figures in the sector.
Recent data from Amsterdam-based private security firm Infinite Risks International noted a surge in requests for personal security services from crypto executives and investors. French authorities, in particular, have begun implementing enhanced protections for cryptocurrency entrepreneurs and their families due to the alarming uptick in kidnappings.
Notably, previous incidents in the cryptocurrency community include the kidnapping of David Balland, co-founder of the hardware wallet company Ledger, who was held for ransom in January 2025 and later rescued by law enforcement.
As this case highlights the perils facing those within the cryptocurrency ecosystem, it raises awareness regarding the importance of personal security and protective measures for investors navigating this rapidly evolving field.
For ongoing updates regarding this case and other related news in the cryptocurrency domain, please stay tuned.
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