A 37-year-old crypto investor, John Woeltz, appeared in Manhattan court charged with kidnapping and torturing an Italian citizen in an attempt to gain access to his bitcoin holdings. According to police, the victim was held captive for several weeks in a townhouse in SoHo rented for $30,000 per month.
Kidnapping and Demands Made to the Victim
The victim, a 28-year-old Italian citizen, arrived in the U.S. on May 6. Shortly after his arrival, he was allegedly abducted by Woeltz and an unidentified accomplice. His passport and electronic devices were confiscated, and he was then ordered to provide the password to his crypto wallet.
When the man refused, the suspects began to beat him. According to his testimony, they used a stun gun, threatened him with firearms, inflicted injuries using a saw, and forced him to smoke narcotic substances. Threats were also made against his family.
Photo Evidence and Escape
Inside the house, police found Polaroid photos confirming prolonged physical abuse. The victim managed to escape on May 17 and contacted the police. Woeltz was arrested the same day.
At a hearing on May 18, Judge Eric Schumacher ordered that the accused be held without bail. Woeltz faces four criminal charges, including kidnapping for ransom. He has pleaded not guilty. The next hearing is scheduled for May 28.
On Friday, a 24-year-old woman was also detained, though her name has not been released. She was seen free in New York the following day, and court records do not show any charges filed against her. The extent of her involvement in the incident has not been clarified.
Police have not yet disclosed the relationship between Woeltz and the victim or whether the kidnappers succeeded in obtaining any cryptocurrency.
Spike in Crypto-Related Violence
The New York case comes amid a surge in ransom kidnappings targeting crypto investors. According to Dutch firm Infinite Risks International, May saw a sharp increase in requests for personal security from entrepreneurs in the crypto space.
France has seen particularly tense developments. In January 2025, David Balland, co-founder of Ledger, was kidnapped and later rescued by police. Earlier, on May 14, 2024, the daughter of a French crypto entrepreneur was rescued from extortionists.
In response, French authorities have enhanced security measures, conducting safety briefings and providing priority access to emergency services for public figures in the crypto industry and their families.
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