A Manhattan cryptocurrency investor faces severe criminal charges after allegedly kidnapping and torturing an Italian businessman for weeks to steal his Bitcoin fortune. The case, blending financial greed with horrifying violence, has sent shockwaves through the crypto community and beyond.
Crypto Investor Faces Charges in Kidnapping Case
John Woeltz, a 37-year-old investor dubbed the “crypto king of Kentucky,” was arrested May 23 following a chilling two-week ordeal. Prosecutors allege he lured a 28-year-old Italian man to a luxury SoHo townhouse under false pretences. Once inside, Woeltz and an accomplice reportedly seized the victim’s passport and devices, demanding passwords to his Bitcoin wallet. The victim, visiting New York for tourism and language studies, arrived May 6. Instead of a friendly meeting, he faced captivity. Authorities confirm Woeltz rented the eight-bedroom property for $30,000 monthly, using it as a prison for his gruesome scheme.
SoHo Townhouse
Over a span of 17 days, the victim was subjected to continuous physical and psychological abuse. According to court documents, he was threatened, coerced, and monitored closely, including being tracked with an Apple AirTag. At one point, he was allegedly held over a fifth-floor ledge and told he would be dropped if he did not comply. The assailants also forced him to use drugs and made repeated threats against his family.
Escape and Arrest
On May 23, the victim feigned cooperation, offering to retrieve his laptop containing the Bitcoin credentials. When Woeltz left to verify the claim, the bloodied captive fled barefoot. He flagged down a traffic agent near the townhouse, prompting an NYPD raid. Officers found Polaroid photos depicting the victim bound and tortured. Bloodstains, weapons, and a bulletproof vest corroborated his account. Woeltz was arrested hours later at his Fifth Precinct hideout. A 24-year-old woman, Beatrice Folchi, was also detained but later seen freely walking in New York.
Also read: Pakistan Diverts 2,000 MW Surplus Power to Bitcoin Mining and AI Infrastructure
Evidence Paints a Chilling Picture
Investigators uncovered a trove of evidence supporting the victim’s claims. Photos showed him tied with electrical cords and a gun pointed at his head. Broken glass and bloodstains suggested violent struggles. Authorities seized firearms, night-vision goggles, and the AirTag used for tracking. Despite the trauma, the victim survived with cuts, bruises, and psychological scars. Hospitalised in stable condition, he now aids the ongoing investigation. Woeltz pleaded not guilty to kidnapping, assault, and weapon charges. A third suspect remains at large.
Broader Trend
This case highlights a global surge in crypto-related kidnappings. In France, Ledger co-founder David Balland was abducted for days in January 2025 before police rescued him. That same month, Parisian officers stopped a ransom attempt involving a crypto entrepreneur’s father. Security firms report skyrocketing demand for bodyguards among crypto elites. Amsterdam-based Infinite Risks International noted a 40% rise in protection requests since 2024. French authorities now offer security briefings and rapid police response for at-risk individuals.
Legal Proceedings and Unanswered Questions
Woeltz, held without bail, awaits his next court date. His defence remains tight-lipped, refusing interviews. Folchi’s role stays murky despite her arrest; she publicly denied involvement. “I wasn’t even there,” she told the New York Post, contradicting police reports. Authorities haven’t confirmed if Bitcoin was stolen or how the victim and Woeltz connected. Speculation swirls around a soured business deal, but details stay sealed. As the hunt for the third suspect continues, the crypto world braces for more fallout.
Digital Wealth
This case shows the vulnerabilities of crypto investors. With digital fortunes often untraceable, criminals resort to extreme measures. For victims, the stakes are life or death. As Woeltz’s trial unfolds, one truth emerges: In the high-stakes crypto arena, security isn’t just a precaution; it’s a necessity.
Written By Fazal Ul Vahab C H
