Crypto Investor Charged with Kidnapping and Torturing Man for Bitcoin Password
May 24, 2025 | New York City
In a shocking crime that has sent ripples through the cryptocurrency community, 37-year-old John Woeltz was arraigned on charges of kidnapping and torturing a 28-year-old Italian man in a luxury Manhattan townhouse. The authorities report that Woeltz and at least one accomplice held the victim for three weeks in a desperate attempt to obtain his Bitcoin password.
Arrest and Charges
Woeltz was taken into custody on Friday after the victim managed to escape the townhouse located in the NoLIta neighborhood, a trendy area known for its upscale residences. As the man fled, he flagged down a traffic agent and alerted law enforcement to the situation.
Following his arrest, Woeltz was arraigned on Saturday morning in Manhattan criminal court, facing serious charges including assault, kidnapping, unlawful imprisonment, and criminal possession of a firearm. The Manhattan District Attorney’s office confirmed that he has been ordered held without bail and is required to surrender his passport.
In addition to Woeltz, authorities arrested Beatrice Folchi on the same day, charging her with kidnapping and unlawful imprisonment. The details regarding her connection to Woeltz remain unclear. A third individual referred to as an "unapprehended male" was also implicated during the arraignment.
Timeline of Events
According to law enforcement officials, the ordeal began when the victim arrived in New York City from Italy on May 6. Although the specifics of the relationship between Woeltz and the victim are yet to be disclosed, it is known that Woeltz was renting the eight-bedroom townhouse for approximately $30,000 per month.
Reports indicate that the victim was subjected to extreme abuse inside the townhouse as Woeltz and his associates attempted to force him to reveal his Bitcoin password. While the exact nature of the torture has not been detailed, the three-week confinement has been characterized as harrowing.
Ongoing Investigation
While many details about the case remain murky, the incident underscores the darker side of the cryptocurrency boom, where the high value of digital currencies can lead to desperate and violent actions.
Wayne Ervin Gosnell Jr., the lawyer representing Woeltz, declined to provide any comments following the arraignment. Authorities have promised to continue their investigation into the case, which has surfaced troubling questions regarding safety and the potential for exploitation associated with cryptocurrency holdings.
As this case unfolds, it serves as a stark reminder of the vulnerabilities individuals may face in the volatile world of digital finance. Further developments are anticipated as the investigation progresses and more information becomes available.
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