Crypto Investor Accused of Torturing Tourist for Bitcoin Wallet

John Woeltz, a crypto investor with an estimated fortune of $100 million, has been accused of kidnapping and torturing an Italian tourist, Michael Carturan, in a luxury Manhattan townhouse. The incident, which occurred in New York, has raised concerns about the increasing violence targeting cryptocurrency holders.

Carturan, 28, was lured to the Soho residence under the pretext of a business meeting. Over the course of three weeks, he was subjected to severe torture, including electrocution, beating, and being hung off a fifth-floor balcony. The aim was to force him to reveal his Bitcoin wallet credentials. Woeltz, known for his early investments in projects like HyperCash and Grin, was arrested on May 23 after Carturan managed to escape.

During the raid on the townhouse, police discovered a disturbing array of items, including guns, drugs, and Polaroid photos of the victim. The evidence supported Carturan's claims of abuse, with visible wounds consistent with electrical burns, blunt force trauma, and cuts from a saw. An AirTag was also found on Carturan, indicating that he was being continuously tracked.

This case is part of a broader trend of violent crimes targeting cryptocurrency holders. In Europe, there have been several incidents where digital assets were the motive behind brutal crimes. For instance, in Paris, a failed kidnapping attempt targeted the pregnant daughter of a crypto pioneer. In France, two men were found with severed fingers in a failed ransom attempt targeting a crypto millionaire. In Spain, a crypto broker managed to escape his captors after being held for over 48 hours.

These incidents highlight the unique risks associated with cryptocurrency ownership. Unlike traditional bank accounts, access to crypto wallets often hinges on private keys or seed phrases, which cannot be reset or recovered if stolen. This makes crypto holders particularly vulnerable to such crimes.

In response to these incidents, experts are urging crypto investors, especially high-net-worth individuals, to adopt more robust personal and digital security measures. This includes using hardware wallet encryption, multi-signature wallets, and cold storage. The case serves as a stark reminder of the physical dangers that can accompany unregulated wealth in the digital age.

Woeltz remains in custody without bail and is expected to appear again in Manhattan criminal court. Prosecutors claim he has access to a private jet and helicopter, making him a flight risk. A second unidentified male suspect remains at large, and police are continuing to investigate links between Woeltz and other crypto associates. A woman identified as Beatrice Folchi, who was initially arrested in connection with the case, has denied any involvement.