Crypto Investor Arrested for Torturing Man Over Bitcoin Password

A crypto investor, John Woeltz, has been arrested and charged with kidnapping and torturing a man in an upscale Manhattan apartment. The victim, a 28-year-old Italian national, was lured to Woeltz's home under the pretense of retrieving Bitcoin that he had previously been forced to send to the suspect. Once at the residence, the victim was tied up and subjected to weeks of torture, including being shocked with electric wires, having his leg cut with a saw, and being forced to smoke crack cocaine. The victim managed to escape after agreeing to give up his Bitcoin password, which was stored on his laptop, out of fear for his life and the safety of his family.

The victim's escape led to his rescue by a nearby traffic agent who called 911. Prosecutors revealed graphic details of the alleged torture, including the use of chicken wire, ballistic helmets, body armor, and night vision goggles. Polaroids of the victim with a firearm pointed at his head and t-shirts with pictures of the victim with a crack cocaine pipe in his mouth were also recovered from the scene. Blood was found in various areas of the apartment, further indicating the severity of the torture.

Woeltz, who is originally from Kentucky, rents an apartment in the home for a significant monthly fee. Local residents described the crime scene as chaotic, with police and SWAT teams responding to the incident. Two butlers at the residence were also interviewed as part of the investigation. Woeltz was arraigned on Saturday and is considered a flight risk, ordered to remain in custody and surrender his passport. A second person, Beatrice Folchi, was also taken into custody in connection with the case but was later released pending further investigation.

This incident comes amid a growing trend in violent 'wrench attacks' worldwide, where criminals resort to physical assaults to forcibly extract cryptocurrency credentials from victims. Security experts have noted an uptick in such incidents, highlighting the increasing threats to crypto participants as digital assets grow in value and profile. The case underscores the dark side of the cryptocurrency world, where the allure of digital wealth can lead to extreme and violent actions. The victim's ordeal serves as a stark reminder of the risks associated with the unregulated and often anonymous nature of cryptocurrency transactions. The investigation into this case is ongoing, and further details may emerge as the legal process unfolds.