Bitcoin News Today: Suspects in New York crypto kidnapping case get $1M bail each after judge bars Bitcoin payment

The suspects in New York City’s high-profile crypto torture case—John Woeltz, 37, and William Duplessie, 33—were granted $1 million bail each on July 24, following their arrest in a brutal incident tied to the alleged extraction of Bitcoin from a 28-year-old Italian investor. Manhattan Judge Gregory Carro, who also presides over the UnitedHealthcare assassination case, imposed strict conditions, including ankle monitors, passport surrender, and mandatory check-ins every 72 hours. Both defendants pleaded not guilty to charges of kidnapping, assault, and coercion, which stem from allegations that they held the victim in a luxury townhouse for weeks, subjecting him to beatings, psychological torture, and physical restraints to access his crypto assets [1].

The case gained notoriety as prosecutors detailed the meticulous planning behind the crime, with a search of the townhouse uncovering drugs, weapons, body armor, and surveillance equipment. Woeltz, a Kentucky-based crypto investor, was arrested at the scene, while Duplessie, a Miami resident, surrendered days later. The victim, who escaped in late May by persuading a suspect to let him use his laptop, described being bound, shocked, and threatened with a gun to surrender his Bitcoin credentials. Prosecutors dismissed the defense’s claim of consensual “hazing,” citing the victim’s injuries and alleged tactics like waterboarding and sleep deprivation as evidence of coercion [1].

The bail decision has sparked debates about the intersection of digital finance and violent crime. Judge Carro explicitly barred bail payments in Bitcoin, emphasizing concerns over the cryptocurrency’s volatility and traceability, which could complicate asset tracking or enable evasion. This restriction highlights the challenges of integrating digital assets into judicial systems designed for traditional currencies [3]. Meanwhile, crypto security experts warn of rising threats of kidnapping and ransom schemes targeting high-net-worth individuals in the sector. Analysts note that the anonymity of crypto transactions may inadvertently incentivize predatory behavior, as perpetrators exploit the intangible nature of digital assets for ransom [2].

The trial’s outcome could set legal precedents for cases involving crypto-linked violence, particularly as prosecutors push for harsh penalties if bail conditions are violated. The victim’s survival and the defendants’ lack of prior criminal records are key factors in judicial deliberations. The case also underscores the need for stronger safeguards in the crypto industry, including public awareness campaigns and enhanced personal security measures. Firms like Infinite Risks International report increased demand for protective services among crypto professionals, reflecting growing concerns over physical threats tied to digital wealth [2].

The controversy has extended to local politics, with Mayor Eric Adams’ office under scrutiny after two officers from his private security detail were placed on modified duty for transporting the victim to the townhouse. The city emphasized that all employees are expected to uphold the law, but the incident has raised questions about accountability and oversight in public roles [1]. As the trial date remains pending, the case remains a focal point for discussions on cryptocurrency’s societal impact and the evolving risks it introduces.

[1] [Suspects in New York crypto kidnapping case granted bail] [https://www.cnn.com/2025/07/24/us/suspects-new-york-crypto-kidnapping-bail-hnk]

[2] [Men accused of waterboarding a bitcoin millionaire for his ...] [https://www.businessinsider.com/kidnappers-accused-of-waterboarding-bitcoin-millionaire-seek-bail-2025-7]

[3] [Accused NYC crypto bro kidnappers granted $1M bail] [https://nypost.com/2025/07/23/us-news/accused-nyc-crypto-bro-kidnappers-granted-1m-bail-but-judge-warns-they-cant-pay-in-bitcoin/]