John Woeltz, a 37-year-old cryptocurrency investor, has been charged with kidnapping and torturing an Italian man to steal his digital assets. Woeltz was arraigned in Manhattan after allegedly holding the 28-year-old victim captive in a luxury SoHo townhouse, which rents for $30,000 a month. Prosecutors claim Woeltz, along with accomplices, confiscated the victim’s devices and passport, subjecting him to beatings, electrocution, and threats at gunpoint to force him into revealing his crypto wallet passwords. The victim managed to escape last Friday and contacted authorities, who later found Polaroid photos documenting the abuse. Woeltz, who has pleaded not guilty to four felony charges, including kidnapping for ransom, has been denied bail. A 24-year-old woman was also arrested but released without charges. This incident highlights the increasing global issue of crypto-related kidnappings, with similar cases reported in France and Uganda.
