A high-profile crypto kidnapping case in New York City involves Joel Woeltz, dubbed the “crypto king of Kentucky,” and a suspected accomplice, a Swiss crypto investor. Woeltz is accused of kidnapping and torturing Michael Valentino Teofrasto Carturan in a Soho apartment to obtain his cryptocurrency wallet phrase.
The victim, a 28-year-old Italian national with an estimated net worth of $30 million, arrived in New York on May 6th to meet his “business partners.” However, he was allegedly held captive for 17 days, during which he endured severe torture. Reports detail the use of electrical cords, tasers, and threats with an electric chainsaw. He was also allegedly forced to consume crack cocaine and subjected to other forms of abuse. A Polaroid photograph allegedly depicting the torture, including the victim bound and with a gun to his head, was reportedly found by police.
On May 23rd, Teofrasto Carturan escaped the apartment, which was described as a luxurious space with stripper poles and high-end liquor. He fled barefoot to a traffic officer, and police subsequently arrested Woeltz at the Soho apartment. Woeltz faces charges including kidnapping, unlawful imprisonment, and assault.
A second suspect, the Swiss crypto investor, is expected to turn himself in. Reports vary on whether the individual, reportedly the co-founder of a Swiss trading firm, is already in custody. Woeltz’s assistant, Beatrice Folchi, was also arrested but later released without charges.
The victim’s ordeal involved being tied up, electrocuted, and threatened with dismemberment. He was allegedly forced to reveal his crypto seed phrase, which was stored on his laptop in another room. He managed to escape when Woeltz momentarily turned his back. Following his escape, Teofrasto Carturan received medical treatment. Woeltz’s next court appearance is scheduled for May 28th. This case highlights the dangerous intersection of cryptocurrency and organized crime.
