Suspects in New York Crypto Kidnapping Case Granted Bail
By Karina Tsui and Kelly McCleary | Published July 24, 2025
Two men accused of kidnapping and torturing a cryptocurrency trader in Manhattan have been granted bail, according to recent court developments.
New York Supreme Criminal Court Judge Gregory Carro set bail at $1 million each for 37-year-old John Woeltz and 33-year-old William Duplessie. Both men have been in custody since their arrest in May and plead not guilty to multiple serious charges, including kidnapping, assault, and coercion.
The Case Details
The victim, a 28-year-old Italian cryptocurrency trader, arrived in New York City from Italy in early May. On May 6, police reported that he was abducted and held hostage in a Manhattan townhouse. Prosecutors allege that Woeltz and Duplessie tortured the man over several weeks in an effort to obtain access to his cryptocurrency holdings.
According to court documents, the victim was subjected to extreme abuse, including being beaten, shocked with electric wires, and struck in the head with a firearm. Prosecutors revealed that the suspects threatened the victim with death and even dangled him over a railing when he refused to disclose the password for his Bitcoin wallet. The victim was also reportedly bound at his wrists and threatened with harm to his family.
Victim’s Escape and Evidence Uncovered
The victim was eventually able to escape the apartment in late May after agreeing to provide his password, which was stored on his laptop in another room. Taking advantage of a moment when one suspect turned his back, he fled the residence and sought help from a nearby traffic officer.
Emergency responders transported the victim to a hospital, where medical examination confirmed injuries consistent with his account of physical abuse and restraints.
A subsequent search of the townhouse revealed an arsenal of concerning items, including cocaine, a saw, chicken wire, body armor, night vision goggles, ammunition, and Polaroid photos showing the victim with a gun pointed at his head.
Defendant Backgrounds and Next Steps
John Woeltz, identified as a Kentucky native and cryptocurrency investor, was arrested shortly after the victim’s escape. William Duplessie, a resident of Miami, surrendered himself to authorities the following week.
Both men remain in custody pending their next court appearance, which is scheduled for October 15. The Manhattan District Attorney’s Office has yet to provide additional comment on the bail ruling.
This case underscores the growing intersection between high-stakes cryptocurrency assets and violent crime, raising concerns about the safety of digital currency holders.
CNN will continue to follow this story as further details emerge.
CNN’s John Miller, Gloria Pazmino, and Mark Morales contributed to this report.