- A crypto investor from Manhattan held an Italian man captive in a $30K/month Soho townhouse.
- Victim was tortured for crypto access—beaten, shocked, cut with saw, forced drugs.
- A woman was arrested but later released; her role in the crime remains unclear.
John Woeltz, a 37-year-old crypto investor from Manhattan, was charged with kidnapping and torturing an Italian man over a digital wallet. He was arraigned Saturday and pleaded not guilty to four felonies, including kidnapping for ransom. The court denied bail, ordering him to stay in custody until his next hearing on May 28.
The victim arrived in New York on May 6 and was abducted shortly after, according to police. He was held captive in a $30,000-a-month Soho townhouse rented by Woeltz. Inside, the victim endured weeks of violence and abuse as captors demanded access to his Bitcoin wallet.
When the victim refused to give up his passwords, he was allegedly beaten, electrically shocked, assaulted with a firearm, and hung from the upper floors of the five-story building. The situation worsened when Woeltz reportedly used a saw to cut his leg and made him smoke crack cocaine. The attackers also threatened his family, according to police statements.
Photos Support Allegations of Abuse
Photographs discovered inside the townhouse—specifically Polaroids—appear to support the victim’s claims of physical abuse. He eventually managed to escape on Friday and alert law enforcement, triggering Woeltz’s arrest later that day.
A 24-year-old woman was also arrested on Friday in connection with the case. However, she was seen in public the following day, and court records show no charges filed against her. Authorities have yet to disclose her role in the incident or explain the nature of her connection to Woeltz or the victim.
Whether any cryptocurrency was actually taken remains unknown. Investigators are still working to determine the financial scope of the crime.
Crypto Crimes Are on the Rise
This is not the only violent case linked to digital currency this year. Jameson Lopp’s GitHub has already logged 22 similar attacks—often referred to as “$5 wrench” incidents—in 2025 alone. Criminals are turning to direct physical violence to access cryptocurrency wallets, escalating tactics beyond digital methods.
France recorded two prominent kidnapping incidents in May. On May 4, a group abducted the father of a French cryptocurrency entrepreneur, transported him roughly 35 miles to Essonne, and severed one of his fingers. Attackers filmed the assault and delivered the footage to the victim’s son, demanding 5 million euros in cryptocurrency.
Just nine days later, on May 13, masked men tried to kidnap the daughter and grandson of Pierre Noizat, the CEO of French crypto exchange Paymium, as they walked in Paris. The attack failed after Noizat’s daughter disarmed one of the men and bystanders stepped in. The suspects escaped in a van later found abandoned nearby.
The violence has drawn attention from French officials. On May 16, Interior Minister Bruno Retailleau met with cryptocurrency professionals to address the growing threat to individuals in the industry. Discussions focused not only on asset protection but also on physical safety for crypto holders and their families.
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