Cryptocurrency Investor Accused of Kidnapping and Torturing Man Over Several Weeks

A 37-year-old cryptocurrency investor has been charged with kidnapping and subjecting a man to weeks of brutal abuse in a high-end Manhattan townhouse, all in an alleged effort to obtain access to the man’s Bitcoin account, according to authorities.

John Woeltz, originally from Kentucky, was arrested on Friday after the victim, a 28-year-old man from Italy, managed to escape captivity and alert law enforcement. Prosecutors say Woeltz, along with at least two accomplices, held the man hostage and tortured him repeatedly in an attempt to extract his cryptocurrency password. The townhouse, located in the upscale NoLIta neighborhood, had been rented by Woeltz for over $30,000 a month, underscoring the affluence surrounding the bizarre and harrowing crime.

According to a criminal complaint filed in Manhattan Criminal Court, the victim had arrived in New York on May 6 and visited the townhouse, where he was ambushed by Woeltz and an unnamed male suspect who remains at large. The two men reportedly confiscated his electronic devices and passport, then demanded he turn over his Bitcoin credentials. When the victim refused, the suspects allegedly launched a campaign of physical and psychological torture that lasted for approximately three weeks.

Authorities say the victim was beaten, shocked with electrical wires, hit with a firearm, and had the gun pointed at his head. In one particularly terrifying moment, Woeltz and the other man allegedly carried the victim to the top of a staircase in the five-story residence, dangled him over a ledge, and threatened to kill him if he didn’t comply. According to prosecutors, they also restrained his wrists, kept him bound, and made threats against his family’s lives in an effort to coerce him into giving up the password to his digital wallet.

The situation came to a head on Friday morning around 9:30 a.m., when the victim managed to escape from the townhouse and run toward a traffic enforcement officer nearby. The officer contacted the police, who responded quickly. Officers from the NYPD’s Fifth Precinct soon arrived at the scene and apprehended Woeltz without incident. The victim was transported to Bellevue Hospital, where he was reported to be in stable condition.

During a subsequent search of the townhouse, investigators discovered Polaroid photographs depicting the victim tied up and being physically assaulted. Police also found a firearm and several instruments believed to have been used in the torture. Two butlers working at the property were present during the arrest and reportedly agreed to be interviewed by authorities. Their level of involvement, if any, remains unclear.

Woeltz was arraigned Saturday morning and formally charged with kidnapping, assault, unlawful imprisonment, and illegal possession of a firearm. The court denied him bail and ordered him to surrender his passport, citing the seriousness of the allegations and potential flight risk.

In addition to Woeltz, another individual, 35-year-old Beatrice Folchi, was arrested on Friday and charged with kidnapping and unlawful imprisonment. Prosecutors have not yet clarified the nature of her connection to Woeltz or the extent of her involvement in the abuse. A third suspect, referred to in court documents only as an “unapprehended male,” is still being sought by authorities.

Many aspects of the case remain uncertain, including how Woeltz knew the victim and what specifically brought the parties to New York. The motive, however, appears to be clear—gaining control over the victim’s cryptocurrency assets.

The incident comes amid growing concern over violent crimes targeting individuals with significant cryptocurrency holdings. Several high-profile crypto investors and executives have recently been the victims of robberies, extortion, and kidnappings both in the United States and abroad, as criminals increasingly seek to exploit the anonymity and high value of digital currencies.

This case also adds to a troubling trend of captivity-related crimes in the New York region. Just last week, a couple in southern New Jersey were charged with imprisoning an 18-year-old girl for seven years, during which she was reportedly kept in a dog cage. In April, another man, who had been held against his will by his own father and stepmother, escaped after setting fire to their home.

As the investigation into Woeltz and his alleged accomplices continues, prosecutors are expected to examine digital evidence and communication records in what could become a high-profile case highlighting the dark intersections of cryptocurrency wealth and criminal enterprise.