Crypto Investor Charged With Torturing Italian Man For Bitcoin Passwords

John Woeltz, a 37-year-old crypto investor from Manhattan, has been charged with kidnapping and torturing a 28-year-old Italian man in an attempt to extract the victim's Bitcoin wallet passwords. The incident took place over several weeks in a luxury townhouse in Soho, rented for $30,000 per month. The victim, who arrived in the US on May 6, was allegedly abducted by Woeltz and an accomplice, who then stole his passport and electronic devices. When the victim refused to hand over his Bitcoin wallet password, he was subjected to prolonged physical abuse, including being beaten, shocked with electricity, assaulted with a firearm, and even dangled from the upper floors of the building. The victim also reported that Woeltz used a saw to cut his leg and forced him to smoke crack cocaine. Threats were made against his family as well. Photographic evidence, including Polaroids, was found inside the property, supporting claims of sustained abuse. The victim managed to escape on Friday and alert authorities, leading to Woeltz’s arrest. Woeltz was charged with four felony counts, including kidnapping for ransom, and entered a plea of not guilty. Judge Eric Schumacher ordered him to be held without bail. He is expected back in court on May 28. A 24-year-old woman was also taken into custody on Friday in connection with the incident, but she was seen walking freely in New York the next day, and no charges against her were found in the court’s online database.

The case highlights the extreme measures some individuals are willing to take in the pursuit of digital assets. The victim's harrowing experience serves as a stark reminder of the risks associated with the possession of valuable digital assets. The authorities' swift action in apprehending the suspects underscores the seriousness with which such crimes are treated, and the determination to bring those responsible to justice. The investigation into the case is ongoing, with authorities working to gather more evidence and build a strong case against the suspects. The victim, who has since been released, is receiving medical attention and support as he recovers from his traumatic experience. The community has rallied around the victim, offering their support and condemning the actions of the perpetrators.

This incident serves as a cautionary tale for cryptocurrency investors, highlighting the importance of taking measures to protect their digital assets and personal safety. As the use of cryptocurrencies continues to grow, so too does the need for vigilance and awareness of the potential risks involved. The case also underscores the need for law enforcement agencies to remain vigilant and proactive in their efforts to combat financial crimes, particularly those involving digital currencies. Executives and investors in the crypto industry are increasingly seeking personal security services as kidnapping and ransom cases surge. This comes amid a recent surge in kidnappings and ransom attempts. In January 2025, David Balland, the co-founder of hardware wallet company Ledger, was kidnapped and held for ransom for several days before being rescued by French police. In May 2024, the father of an unnamed crypto entrepreneur was freed from a ransom attempt after French law enforcement officials raided the location in a Paris suburb where the individual was being held hostage by organized criminals. French authorities have responded by introducing enhanced protections for crypto entrepreneurs and their families, including security briefings and priority access to police assistance.