A disturbing crypto-linked crime has surfaced in Manhattan, where a local investor is accused of abducting and torturing an Italian man in a brutal attempt to extract access to his Bitcoin holdings.
According to law enforcement, John Woeltz, a known crypto investor, was arrested on Friday and arraigned the following day in Manhattan criminal court. He faces multiple felony charges after allegedly holding a 28-year-old Italian man hostage in a luxury SoHo townhouse — reportedly rented for $30,000 per month — starting May 6.
Police say the victim had come to the United States under the guise of a business deal but was quickly detained by Woeltz and an accomplice. His passport and electronics were confiscated, and he was allegedly subjected to extreme physical abuse when he refused to hand over the passwords to his Bitcoin wallet.
In harrowing testimony, the victim claimed he was electroshocked, pistol-whipped, cut with a saw, and even forced to smoke crack cocaine during his weeks-long captivity. He also reported being dangled from an upper floor of the five-story townhouse and threatened with harm to his family.
Police discovered Polaroid photographs documenting the abuse, further backing the victim’s allegations. The man eventually escaped the townhouse on Friday and notified police, leading to Woeltz’s immediate arrest.
Legal Proceedings and Unanswered Questions
Woeltz, charged with four felony counts, including kidnapping for ransom, entered a plea of not guilty. He remains in custody without bail, with his next court appearance scheduled for May 28.
A 24-year-old woman, believed to be involved in the incident, was also detained but has not been officially charged. Her exact role remains unclear.
As of now, authorities have not confirmed whether any cryptocurrency was successfully stolen, and the exact nature of the relationship between the accused and the victim is still under investigation.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/manhattan-crypto-investor-accused-of-kidnapping-and-torturing-italian-man-for-bitcoin-passwords/