In this blog, you are going to read about a viral news story about a crypto entrepreneur arrested for alleged torture.
Crypto Entrepreneur Arrested For Alleged Torture in NYC
A prominent cryptocurrency entrepreneur, John Woeltz, 37, has been arrested and charged in New York City for allegedly kidnapping and torturing an Italian businessman for nearly three weeks in a luxury Manhattan townhouse, in a brutal attempt to extract access to the victim’s Bitcoin wallet.
The Ordeal
The 28-year-old victim, who arrived in New York from Italy on May 6, was reportedly lured to Woeltz’s high-end SoHo residence under pretenses.
Upon arrival, his passport and electronics were confiscated, and he was immediately restrained. Over 17 days, the victim was subjected to a series of harrowing abuses:
- He was beaten, pistol-whipped, and shocked with electrical wires while his feet were submerged in water.
- The captors allegedly dangled him from a ledge and threatened him with a chainsaw, demanding the password to his Bitcoin wallet, which reportedly contained millions of dollars in cryptocurrency.
- He was forced to consume crack cocaine, urinated on, and threatened with violence against his family.
- Polaroid photographs documenting the torture were discovered throughout the apartment, which had been rented for as much as $75,000 per month.
Escape and Arrest
The ordeal came to an end when the victim managed a daring escape on the morning of May 23, fleeing the townhouse barefoot and bloodied.
He flagged down a traffic enforcement officer, leading police to the scene. Inside, authorities found evidence of torture, including bloodstains, firearms, a ballistic vest, a chainsaw, chicken wire, night vision goggles, and the photographs above.
Woeltz, a Kentucky-based crypto investor with a background in technology and blockchain, was arrested at the scene and charged with kidnapping, assault, unlawful imprisonment, and weapons offenses.
He has pleaded not guilty and was denied bail, with the judge citing his resources and risk of flight.
Additional Suspects and Motive
A second suspect, William Duplessie, 32, surrendered to police days later.
Both men are believed to have known the victim through previous business dealings in the cryptocurrency sector, with investigators suggesting the motive was to extort the victim’s digital assets.
A third person, Beatrice Folchi, was also arrested but not charged.
Ongoing Investigation
Authorities are continuing to investigate the full extent of the conspiracy, including whether additional accomplices were involved and the precise nature of the business relationship between the victim and the accused. Both Woeltz and Duplessie remain in custody as the case proceeds.
“From what we know now, this was a dispute over crypto money. They all know each other, but this was a kidnapping for roughly 17 days, where they tortured this person.”
— NYPD Chief John Chell7
The incident has sent shockwaves through both the cryptocurrency and business communities, highlighting the extreme risks that can accompany high-stakes digital finance disputes.
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