"NYPD Officers Investigated in $30M Crypto Abduction, Highlighting Sector Risks, Police Misconduct"

New York City police are investigating two officers connected to a high-profile cryptocurrency abduction case, marking one of the most violent and financially significant crypto-related crimes to date. The officers, Roberto Cordero and Raymond J. Low, have been placed on administrative leave after authorities linked them to the kidnapping and torture of Italian crypto investor Michael Valentino Teofrasto Carturan, whose assets are estimated at $30 million. The case has raised alarms about vulnerabilities in the crypto sector and potential misconduct within law enforcement.

Cordero, a member of the NYPD’s Elite Executive Protection Unit, allegedly transported Carturan to a Manhattan townhouse after picking him up at a New York airport on May 6. The unit typically safeguards city officials, including the mayor, but Cordero’s role in this case is under scrutiny as investigators assess whether he knowingly aided the kidnappers. Meanwhile, Raymond J. Low is being probed for financial ties to the suspects, including claims he provided private security services to one or both of the primary suspects, John Woeltz and William Duplessie.

Court documents detail the brutal three-week ordeal Carturan endured. The victim was bound, beaten with a gun, subjected to electric shocks, and threatened with a chainsaw. Captors also forced him to ingest crack cocaine in attempts to extract access to his crypto wallets. The perpetrators repeatedly demanded the 12-word recovery phrase required to unlock his digital assets, but Carturan resisted until he escaped on May 22—a date he said his captors had designated as his “death day.”

Suspects Woeltz and Duplessie, identified in court records, face charges after the victim’s escape. Woeltz was arrested and denied bail, while Duplessie, a Swiss national and co-founder of Pangea Blockchain Fund, surrendered and remains in custody. The investigation now focuses on whether the officers were aware of the plot or were unwittingly entangled. Internal affairs are reviewing their conduct alongside ongoing criminal proceedings.

The case underscores escalating risks for high-profile crypto investors, who often hold vast digital wealth with few physical safeguards. The prolonged violence and targeted focus on cryptocurrency—rather than traditional assets—highlight vulnerabilities in an asset class still grappling with regulatory oversight. For law enforcement, the allegations against sworn officers could amplify calls for stricter scrutiny of off-duty conduct and financial conflicts of interest.

New York City officials have emphasized accountability, stating all employees “must follow the law, both on and off duty.” As the investigation continues, authorities are combing through evidence to determine the full scope of the officers’ involvement. The outcome could set precedents for how law enforcement handles cases intersecting with crypto crimes—a growing area of criminal activity globally.

The abduction has already sparked discussions about security practices for crypto holders, including multi-factor authentication and decentralized storage solutions. For now, the case remains a stark reminder of the dangers facing those managing large crypto portfolios, as well as the potential for systemic breaches within public safety institutions.