Two men charged with kidnapping and torture of a cryptocurrency holder plead not guilty

Two of the men charged with the kidnapping and torture of a cryptocurrency holder visiting New York City have reportedly pleaded not guilty to all counts.

Two men charged with the kidnapping and torture of a cryptocurrency holder visiting New York City have reportedly pleaded not guilty to all counts.

In a Wednesday hearing in the New York Supreme Criminal Court, John Woeltz and William Duplessie pleaded not guilty to kidnapping and false imprisonment of Michael Valentino Teofrasto Carturan, according to a report by Reuters.

The two men are accused of abducting the tourist, who was apparently a friend, from New York City and administering electric shocks, beatings, and other forms of torture in an effort to gain access to his crypto wallet.

Justice Gregory Carro, who is overseeing the case in New York state court, ordered Woeltz and Duplessie to be held without bail. Both men could face up to life in prison if convicted. No trial date had been set as of the Wednesday hearing.

The alleged kidnapping and torture case of a crypto holder was the latest in a series of attacks globally involving individuals connected to digital asset companies or who may have had access to large amounts of cryptocurrencies like Bitcoin (BTC). In France, three masked men attempted to abduct the daughter and grandson of Paymium co-founder and CEO Pierre Noizat.

See related: ‘Bitcoin Family’ Revamps Security After Crypto Crime Wave

Reports suggested that Woeltz and Duplessie held Teofrasto Carturan in a SoHo neighborhood apartment for roughly three weeks in an attempt to have him reveal his seed phrase. The crypto wallet holder managed to escape and alert the authorities.

The New York Times reported in May that two New York Police Department officers had been placed on modified duties following allegations they were involved in the kidnapping. Neither officer appeared to be facing criminal charges as of Wednesday.

NYC mayor aiming for friendlier crypto environment?

New York City Mayor Eric Adams has touted the city as crypto-friendly, hosting a digital asset summit at his residence and calling for the creation of BTC-backed municipal bonds.

He has also repeatedly called for an end to the state’s BitLicense program, which has been in place since 2015. Any digital asset business or company managing crypto investments from New York residents is required to obtain a license.