Crypto Investor Arrested for Torturing Italian Tourist Over Bitcoin

John Woeltz, a 37-year-old cryptocurrency investor, was arrested in New York City on May 23, 2025, for holding and torturing a 28-year-old Italian tourist. The victim was kept in a Manhattan townhouse for weeks, with Woeltz attempting to extract the passwords to the victim’s Bitcoin holdings. The victim arrived in the U.S. on May 6 and was taken to Woeltz’s SoHo house, where they stayed for several days. The victim's passport was taken away after being promised a business meeting, and he was kept tied up with electrical cords and abused repeatedly. The torture included electric shocks, beatings from a firearm, and cuts made with a saw. Prosecutors stated that the victim was threatened with the killing of his family unless he obeyed.

Police found evidence of the torture, including Polaroid photos showing the victim being tortured, with one photo depicting a gun at his head. An AirTag was placed around the victim’s neck to track his movements. The victim, a crypto trader who owns about $30 million, fled from Italy on May 23 and flagged down a police officer for help. He was transferred to Bellevue Hospital after being stabbed and cut by a chainsaw on his leg. Woeltz has been accused of first-degree kidnapping, second-degree assault, unlawful imprisonment, and criminal possession of a firearm. He appeared in Manhattan Criminal Court and was not allowed to post bail. Authorities have pointed out that Woeltz has been involved with cryptocurrency since 2011 and has taken part in various projects.

On May 23, Beatrice Folchi, a 24-year-old, was arrested as part of the case. The first charges against her were first-degree kidnapping and unlawful imprisonment. However, the Manhattan District Attorney did not file charges against Folchi because more investigation was required. Police are looking for a second man they believe is linked to the crime. Woeltz allegedly employed two others, and police are questioning them at this time, but have not brought charges against them. Police visited the SoHo townhouse, which is at Prince and Mulberry Streets, after it became a crime scene. During their visit, they found and collected torture tools and pictures. An NYPD spokesperson said, “He was kept against his will for weeks.” Investigators are still working at the house, looking for any additional signs of what happened.

The victim, who has not been identified, said he did business with Woeltz in the past. He visited New York with the hope of settling financial affairs, but instead, he was held and abused. They forced him to smoke crack cocaine and applied shocks to him, prosecutors explained in detail. Many have expressed worry about the dangers of large cryptocurrency transactions, which experts are advising the industry to address. The case has drawn attention to the potential risks associated with cryptocurrency investments, particularly the vulnerability of individuals who hold significant amounts of digital assets. The fact that the victim was a tourist adds an international dimension to the case, highlighting the global reach of cryptocurrency-related crimes. The luxury setting of the Manhattan townhouse, where the torture took place, contrasts sharply with the brutal nature of the crimes, emphasizing the disconnect between the opulent lifestyle and the violent actions taken by the perpetrators.

The arrest and charges against Woeltz serve as a stark reminder of the potential dangers lurking in the cryptocurrency world. The case also raises questions about the security measures in place to protect individuals who hold digital assets. As the use of cryptocurrencies continues to grow, it is crucial for investors to be aware of the risks and take appropriate steps to safeguard their investments. The legal proceedings against Woeltz will shed more light on the motives behind the crimes and the extent of the perpetrators' involvement in the cryptocurrency world.