Cryptocurrency Kidnapping Plot Leads to Severe Charges

William Duplessie, a 32-year-old man, has been indicted by a Manhattan grand jury on charges of kidnapping, assault, unlawful imprisonment, and weapons possession. The charges stem from an alleged plot to extract Bitcoin from an unnamed victim through weeks of violent coercion. Duplessie, along with John Woeltz, 37, is accused of luring the victim to a Soho townhouse on May 6 by threatening to kill the victim's family.

Both Duplessie and Woeltz were formally charged last week. Woeltz was denied bail on Thursday after requesting release on a $2 million bond. At the hearing, Woeltz's attorney cited his client's lack of criminal record, philosophy degree, and professional accomplishments in the technology world. Despite these arguments, the judge denied bail due to the severity of the case. Duplessie, who surrendered to Manhattan police on Tuesday last week, also requested a $1 million bail but was denied. Indictments for both Duplessie and Woeltz will remain sealed until June 11 for their arraignment.

A third individual, Beatrice Folchi, was arrested and charged with first-degree kidnapping and unlawful imprisonment. Folchi was released pending further investigation. The victim, a 28-year-old Italian national, was reportedly held captive for 17 days. During this time, Woeltz and Duplessie allegedly tortured the victim with electrical wires, forced the victim to smoke cocaine from a crack pipe, and at one instance, dangled the victim from a five-story high staircase.

The kidnapping took a dramatic turn on the morning of May 23. After allegedly being pistol-whipped by Woeltz, the victim thought they would be shot and pretended to agree to surrender their password. While the captors went to retrieve a laptop from another room, the victim was able to rush downstairs and flee to the nearby streets. Disheveled, bloodied, and barefoot, the victim immediately sought help from a traffic enforcement officer on the corner of Mulberry Street.

Police later searching the townhouse found a saw, cocaine, chicken wire, body armor, night-vision goggles, ballistic helmets, and ammunition. Also discovered were Polaroid photos of the victim with a gun to their head and shirts showing the victim with a cocaine pipe. The Manhattan incident is one of several “wrench attacks” that have been growing in an alarming trend.

This case highlights the increasing use of cryptocurrency as a motive for violent crimes. The alleged plot to extract Bitcoin through torture and coercion underscores the high stakes involved in the digital currency world. The severity of the charges and the denial of bail for both Duplessie and Woeltz indicate the seriousness with which the legal system is treating this case. The upcoming arraignment on June 11 will be a critical step in the legal process, as more details about the indictments are expected to be revealed.