Crypto Investor Accused of Abducting and Torturing Individual Over Bitcoin Dispute

A cryptocurrency investor from the United States is under investigation following allegations of kidnapping and tormenting an individual for several weeks in Manhattan, aiming to extract his bitcoin holdings.

John Woeltz, aged 37, was brought to court on Saturday, facing numerous charges, including kidnapping, assault, and illegal possession of firearms. He reportedly held a 28-year-old man from Italy captive in a lavish townhouse.

The Italian victim had come to New York recently and was enticed to a five-story rental in the trendy NoLiTa area. Prosecutors claim that Woeltz and an unnamed accomplice began to inflict harm on him to obtain his digital wallet information.

The townhouse, which costs around $30,000 monthly, served as the location for this harrowing experience lasting several weeks. According to prosecutors, the victim endured beatings, electric shocks, and threats involving firearms.

At one moment during his captivity, the victim was allegedly dangled over a staircase and warned that he would be killed if he did not comply. He was also threatened with violence against his family.

The victim managed to escape early Friday, catching the attention of a traffic officer after fleeing the residence. Law enforcement subsequently apprehended Woeltz on-site, where they found photographic evidence of the abuse, weapons, and torture devices.

Another suspect, Beatrice Folchi, was also taken into custody, while a third individual is still being sought.

This incident reflects a disturbing trend, as the cryptocurrency sector has experienced a spike in violent crimes this year. In a recent event, the daughter and grandson of a cryptocurrency platform CEO were involved in a kidnapping attempt captured on video and publicly shared.

Although that attempt was unsuccessful, a related case earlier in the same city involved the kidnapping of a crypto millionaire’s father, who suffered severe injuries during his ordeal.

Additionally, David Balland, co-founder of a hardware wallet company, and his spouse were kidnapped from their residence but were later rescued by authorities, with a ransom being recovered.