Tequila, Drugs, and Torture: The Spending Spree of Two Crypto Bros That Ended Behind Bars
By Ashley Wong, Ben Foldy, and John McCormick
Published August 2, 2025, 9:00 pm ET
Source: The Wall Street Journal
In a saga that reads more like a wild thriller than a business tale, William Duplessie and John Woeltz, two cryptocurrency entrepreneurs, embarked on an extravagant lifestyle filled with lavish parties, high-stakes adventures, and grandiose plans in both business and politics. However, this flashy existence took a dark turn, culminating in serious criminal allegations and arrests.
From Palm Beach to Smithland: The Wild Party Circuit
One particularly memorable night in February saw a private jet take off from Palm Beach, Florida, carrying a vibrant entourage. The passengers included a media heir, glamorous fashion models, and various thrill-seekers. Their destination was Smithland, Kentucky—a tiny town with a population of just 237—known for its remote location on a bend of the Ohio River and strict regulations banning most liquor sales in the county.
Despite the dry county laws, the guests enjoyed a truly opulent experience. The jet itself was stocked with Dom Pérignon Champagne, and Duplessie, one of the hosts, dispensed caviar during the flight. The partygoers were led to a novel “redneck retreat,” an unusual juxtaposition of rustic Americana and ultra-luxury indulgence.
Crypto Ambitions Meet Criminal Allegations
Duplessie and Woeltz didn’t just seek fun and excess; they also pursued ambitious business ventures and political influence, riding the wave of their early success in the cryptocurrency world. However, instead of achieving the influential status they envisioned, they became embroiled in a serious and disturbing criminal case.
Both men now face charges connected to an allegedly orchestrated kidnapping scheme. The details, which have stunned many in the crypto and business communities, describe a reckless and violent episode far removed from the world of digital finance and innovation they originally inhabited.
A Cautionary Tale of Excess and Downfall
Their story is a stark reminder of how quickly fortunes can shift and how unchecked excess might lead to tragic consequences. The Wall Street Journal’s investigation reveals a lifestyle saturated with tequila, drugs, and debauchery, now giving way to bars and legal battles.
What started as a high-flying journey through the heights of cryptocurrency wealth ended with William Duplessie and John Woeltz behind bars, facing serious charges. The extravagant spending spree and pursuit of personal and political power have, for now, come to a grim halt.
For more details on this story and continuing coverage, visit The Wall Street Journal.
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