A US – based cryptocurrency investor has been charged with the brutal kidnapping and torture of an Italian man in an attempt to access his digital assets.
John Woeltz, 37, appeared in a Manhattan court this week, accused of detaining the 28-year-old victim in a luxury SoHo townhouse, which rents for \$30,000 a month. Authorities allege Woeltz, along with unidentified accomplices, confiscated the man’s electronic devices and passport before subjecting him to weeks of physical abuse—including beatings, electrocution, and threats at gunpoint—demanding his crypto wallet passwords.
The victim managed to escape last Friday and contacted police. Investigators later recovered Polaroid photographs that documented the assault.
Woeltz has pleaded not guilty to four felony charges, including kidnapping for ransom. He declined to speak with investigators and was denied bail. A 24-year-old woman connected to the case was arrested but later released without charges.
This case highlights a disturbing rise in crypto-related crimes worldwide. In France, wealthy investors have reported threats and abduction attempts, prompting enhanced personal security measures. Meanwhile, in Uganda, Mitroplus Labs executive Festo Ivaibi was kidnapped at gunpoint on May 17 and forced to transfer $500,000 in cryptocurrency. His assailants, disguised as military personnel, also liquidated part of the company’s meme coin holdings under coercion.
