Two Arrested for Kidnapping and Torturing Crypto Business Partner in NYC
New York City, NY — May 24, 2025 — Two individuals have been arrested in connection with the kidnapping and torture of a cryptocurrency business partner in a luxury apartment in the SoHo neighborhood of New York City, according to the New York City Police Department (NYPD) and various local media reports. This alarming incident sheds light on the increasing intersection of cryptocurrency wealth and violent crime as digital assets become lucrative targets for extortion.
Incident Overview
The harrowing events began on May 6, when a 28-year-old male victim was allegedly kidnapped and held against his will in an upscale apartment. According to a NYPD spokesperson, the victim managed to escape and approached an on-duty traffic agent around 9:30 a.m. on Friday, informing them of his dire situation and detailing the assaults he had endured during his captivity.
John Woeltz, 37, has been charged with multiple crimes, including two counts of second-degree assault and one count each of first-degree kidnapping, first-degree unlawful imprisonment, and criminal possession of a firearm. Beatrice Folchi, 24, also from Manhattan, faces charges for kidnapping and unlawful imprisonment, though Manhattan’s district attorney’s office opted not to prosecute her immediately due to ongoing investigations.
Nature of the Crimes
Police investigations indicate that the suspects allegedly conspired to lure the victim back to the United States from Italy, aiming to access his cryptocurrency accounts. Reports suggest that the suspects subjected the victim to extreme physical and psychological torture over several weeks. Evidence collected by police includes disturbing Polaroid photographs depicting the victim bound with electrical cords and subjected to torment. One particularly alarming image allegedly shows the victim with a gun pointed at his head.
The victim reported a series of brutal assaults, including beatings, electric shocks, and being hung off a ledge when he refused to divulge the password to his Bitcoin account. He recounted terrifying threats from his captors, including a chilling moment when they allegedly threatened to sever his legs with a chainsaw. Furthermore, it has been reported that Woeltz forced the victim to consume cocaine and employed psychological tactics to maintain control, including attaching an Apple AirTag to the victim’s neck to monitor his movements.
Arrest and Response
Woeltz was arrested at the apartment in a bathrobe and reportedly without shoes, and he has since been held without bail following his arraignment on Saturday morning. The lavish apartment, featuring eight bedrooms and ten bathrooms, was rented for an estimated $30,000 to $40,000 a month, and it had recently been listed for $75,000 per month.
A third suspect involved in the kidnapping remains at large, and inquiries are ongoing. Detectives are currently interviewing two staff members who were present in the apartment, and a firearm has been recovered from the premises, prompting authorities to seek additional search warrants for a thorough investigation.
Community Reactions and Implications
Eyewitness accounts from the neighborhood reveal a scene of chaos as police responded to the situation. Witness Molli Sramowicz described moments of panic, stating, "We saw police running this way and then there was just a lot of screaming. Police with their guns out, then the SWAT team came in." Local vendor Ciaran Tully expressed concern, noting the frequent turnover of individuals entering the apartment without ever seeing the same person twice.
This incident raises significant alarm within both the cryptocurrency and local communities, as it highlights the troubling trend of violence associated with digital asset ownership. As cryptocurrency gains value and becomes more prominent, the potential for associated crimes looks set to escalate, prompting concerns about security and safety in the evolving digital landscape.
Authorities continue to investigate the case, and the victim is currently recuperating at Bellevue Hospital, where he is reported to be in stable condition. The situation underscores the urgent need for heightened awareness regarding the risks posed by cryptocurrency-related crimes.
Conclusion
As law enforcement works diligently to resolve this shocking case, the overarching message resonates: the intersection of cryptocurrency and crime is a serious issue that demands attention from both the authorities and the public. With detectives piecing together the puzzle, further developments are expected in the coming days.
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