US Crypto Tycoon Charged with Kidnapping and Torture Over Bitcoin Access
In a shocking case that underscores the dark side of cryptocurrency, a Kentucky millionaire has been charged with kidnapping and torturing an Italian man in a bid to extract his Bitcoin password.
On May 25, 2025, John Woeltz, 37, appeared in Manhattan Criminal Court, facing multiple serious charges including kidnapping, unlawful imprisonment, assault, and criminal possession of a weapon. If convicted, he could potentially face up to 25 years in prison.
The Incident and Victim’s Ordeal
The victim, 28-year-old Michael Valentino Teofrasto Carturan, is a crypto trader from Turin, Italy, who is believed to have a net worth of about $30 million. Carturan arrived in the United States on May 6 under the pretense of tourism and language studies. However, upon reaching a rental property located on Prince Street in Soho—described by prosecutors as a "crypto commune" adorned with stripper poles and cases of Cristal champagne—his fate took a terrifying turn.
According to prosecutors, Carturan was held captive, where he endured severe torture in an effort to extract his Bitcoin password. It is alleged that he was bound to a chair with electrical wire, subjected to taser shocks while his feet were submerged in water, and forced to ingest drugs. Authorities reported that he suffered cuts on his legs and arms inflicted with a chainsaw. Disturbingly, he was also urinated on and had an Apple AirTag attached around his neck.
Disturbing Evidence Found
Investigators discovered disturbing evidence within the apartment, including Polaroid photographs depicting Carturan with a firearm pointed at his head and engaging in drug use. The search also revealed night vision goggles, a bulletproof vest, ballistic helmets, a cache of firearms, and ammunition. Additionally, T-shirts bearing Carturan’s likeness with a crack pipe were recovered from the scene.
Assistant District Attorney Michael Mattson revealed alarming details in court, stating that at one point, Woeltz threatened Carturan’s life, suspended him over a flight of stairs, and warned he would be killed if he did not reveal his Bitcoin password.
Carturan’s Escape and Aftermath
Carturan’s opportunity to escape arose on a Friday morning when he asked Woeltz to enter his Bitcoin password on his laptop. When Woeltz briefly turned his back, Carturan seized the chance to flee the apartment, bloodied and barefoot. He successfully flagged down a police officer on the street, leading to his rescue. Authorities transported him to Bellevue Hospital, where he was treated for various injuries, including a gash from a chainsaw wound and a head injury sustained from being pistol-whipped.
During the investigation, Woeltz’s associate, Beatrice Folchi, was initially arrested; however, she was later released after prosecutors chose not to pursue charges against her at this time. Authorities are reportedly in search of additional suspects connected to this chilling case.
Profile of the Accused
Woeltz, described by law enforcement sources as having an estimated net worth of $100 million, owns a 150-acre property in Smithland, Kentucky, and is said to frequently travel by private jet and helicopter. His exact methods for accumulating wealth remain unspecified, although he is believed to have experience in crypto security and potential involvement in hedge fund operations.
The shocking allegations against Woeltz highlight the extreme lengths some individuals might go to in the volatile cryptocurrency space. As the investigation unfolds, both the legal proceedings and the implications of this case are expected to draw significant public and media attention.
The court proceedings continue as Woeltz awaits trial, with significant concern surrounding the potential for greater criminal activity linked to the high-stakes world of cryptocurrency.