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A Manhattan crypto investor, John Woeltz, faces serious charges after allegedly kidnapping and torturing a 28-year-old Italian man in a Soho townhouse. The incident, which allegedly spanned weeks, involved the victim’s abduction upon arrival in the US on May 6th. Woeltz and an accomplice allegedly stole the victim’s passport and electronics, demanding his Bitcoin wallet password. The victim’s refusal resulted in severe physical abuse, including beatings, electric shocks, assault with a firearm, and being dangled from the building’s upper floors. He also reported being forced to smoke crack cocaine and having his leg cut with a saw, with threats made against his family.
Photographic evidence supports the victim’s claims of sustained abuse. The victim escaped on Friday, leading to Woeltz’s arrest and arraignment on Saturday. He faces four felony counts, including kidnapping for ransom, and pleaded not guilty. The judge ordered him held without bail, with a court appearance scheduled for May 28th. A 24-year-old woman was also detained but released without charges. Authorities have yet to confirm the relationship between Woeltz and the victim or whether any cryptocurrency was stolen.
This case highlights a concerning trend: a surge in violent crimes targeting crypto investors. The increasing frequency of kidnappings and ransom attempts is prompting industry professionals to seek enhanced security measures. This trend is particularly pronounced in France, where authorities have implemented stronger protections for crypto entrepreneurs and their families, including security briefings and priority police assistance.
This heightened security response follows several high-profile incidents. In January 2025, David Balland, co-founder of Ledger, was kidnapped and held for ransom before being rescued by French police. In May 2024, the father of an unnamed crypto entrepreneur was freed after a police raid on the hostage location. The rise in such attacks underscores the significant risks faced by individuals involved in the cryptocurrency industry, necessitating increased vigilance and proactive security measures.
