Crypto Investor Arrested for Kidnapping and Torture in Bitcoin Case

A cryptocurrency investor, John Woeltz, has been charged with kidnapping and torturing a man for weeks to obtain a Bitcoin password. The victim escaped and alerted authorities, leading to Woeltz’s arrest. He faces multiple charges and remains in custody without bail while further investigations continue.

A cryptocurrency investor has been charged with kidnapping a man and holding him captive in a posh Manhattan apartment for several weeks, during which prosecutors allege the victim was tortured in attempts to extract a Bitcoin password. John Woeltz, aged 37, was taken into custody late Friday after the victim managed to escape and sought help from a nearby traffic officer.

Woeltz faced arraignment on Saturday on multiple charges, such as kidnapping, assault, and unlawful imprisonment. The Manhattan district attorney’s office confirmed that he was ordered to remain in custody without bail. His legal representation, a lawyer named Wayne Gosnell, issued no comments following the arrest.

The 28-year-old victim reportedly arrived in New York from Italy in early May. It’s not clear whether Woeltz and the victim had any prior acquaintance, but law enforcement officials confirmed that the abduction occurred on May 6, as mentioned by prosecutor Michael Mattson during a court hearing.

According to the prosecution, others were implicated in the scheme to access the victim’s Bitcoin wallet, including an unidentified male who remains at large. Over the course of weeks, the victim endured severe physical torture, including binding, electric shocks, and threats to his life and that of his family. At one point, he was even dangled over a staircase ledge by his captors, who claimed they would kill him unless he provided the password.

The victim devised an escape plan, convincing Woeltz that he would reveal the password, allegedly stored on his laptop in another room. When Woeltz turned away, the victim fled the apartment, having feared for his life. After his escape, he was treated at a hospital for injuries consistent with the abuse he experienced.

A search of the upscale townhouse uncovered significant evidence, including illegal drugs, a saw, body armor, night vision goggles, and ammunition. Disturbingly, investigators found polaroid photographs showing the victim with a gun pointed at his head. Woeltz was also instructed to surrender his passport, as prosecutors expressed concerns he might attempt to flee using his private jet or helicopter. Further court proceedings are set for next week in Manhattan criminal court.