Crypto Investor Accused of Kidnapping and Torturing Italian Man in Manhattan

A Manhattan-based crypto investor has been arrested and charged with multiple felonies after allegedly kidnapping and torturing a 28-year-old Italian man in an attempt to gain access to his Bitcoin holdings. The suspect, 37-year-old John Woeltz, was arraigned on Saturday in Manhattan criminal court following his arrest the previous day.

According to police, Woeltz, along with an unidentified accomplice, held the victim captive for weeks inside a rented luxury townhouse in Soho, reportedly costing $30,000 per month. The victim had arrived in the United States on May 6, and authorities believe he was abducted shortly afterward.

Once inside the residence, the attackers allegedly stole the victim’s passport and electronic devices before demanding access to his Bitcoin wallet. When he refused to share his credentials, he was reportedly subjected to horrific abuse. The victim told police he was beaten, electrocuted, assaulted with a firearm, and even dangled from the upper floors of the five-story property.

Graphic Abuse and Escape

In a particularly disturbing detail, the victim claimed Woeltz used a saw to cut into his leg and forced him to smoke crack cocaine. The attackers also reportedly threatened the victim’s family.

Photographs found at the property, including Polaroids showing visible injuries, appear to support the victim’s account. The man eventually managed to escape on Friday and contacted authorities, leading to Woeltz’s arrest.

Woeltz has been charged with four felony counts, including kidnapping for ransom. He pleaded not guilty and was denied bail by Judge Eric Schumacher. He is scheduled to return to court on May 28.

A 24-year-old woman was also detained in connection with the incident. However, she was seen walking freely the next day, and no formal charges against her appear in court records. Authorities have not yet revealed whether any crypto was successfully stolen or the nature of the relationship between the parties involved.

Rising Security Concerns Among Crypto Figures

This incident adds to a growing list of violent crimes targeting individuals involved in cryptocurrency. Amid rising wealth and limited regulation, crypto executives are increasingly turning to private security firms.

Amsterdam-based Infinite Risks International reported a noticeable uptick in bodyguard requests from crypto investors, particularly in France. Authorities there have ramped up protections following several high-profile abductions, including that of Ledger co-founder David Balland in January 2025.

As digital assets become more valuable, law enforcement and security agencies around the world are grappling with the new risks tied to holding and managing crypto.