Manhattan Crypto Investor Accused of Kidnapping and Torturing Italian Man for Bitcoin Passwords

A disturbing crypto-linked crime has surfaced in Manhattan, where a local investor is accused of abducting and torturing an Italian man

A Manhattan crypto investor has been accused of abducting and torturing an Italian man in a brutal attempt to gain access to his Bitcoin (BTC) holdings, tying the incident to a broader rise in crypto-linked crime.

Local news outlet PIX11 reports that John Woeltz, 49, was arrested on Friday and arraigned the following day in Manhattan criminal court. He faces four felony charges after allegedly holding a 28-year-old Italian man hostage in a luxury SoHo townhouse—rented for $30,000 per month—beginning May 6.

The victim reportedly came to the U.S. for a business deal but was quickly detained by Woeltz and a 24-year-old female accomplice. His passport and electronics were confiscated, and he was subjected to physical abuse when he refused to provide the passwords to his Bitcoin wallet, according to police testimony.

In harrowing statements, the victim claimed he was electroshocked, pistol-whipped, cut with a saw, and forced to smoke crack cocaine during his weeks-long captivity. He was also allegedly dangled from an upper floor of the five-story townhouse and threatened with harm to his family.

According to reports, police discovered Polaroid photographs documenting the abuse, further supporting the victim’s allegations. The man eventually managed to escape the townhouse on Friday and notified police, leading to Woeltz’s immediate arrest.

At the arraignment, Woeltz, visibly pale and thin, entered a plea of not guilty to the felony charges of kidnapping for ransom, unlawful imprisonment, assault, and criminal possession of a weapon. He remains in custody without bail, with his next court appearance set for May 28.

The 24-year-old woman, described as a friend of the investor, was also detained but has not yet been officially charged. Her role in the incident remains unclear.

While authorities have confirmed that the victim was a crypto holder and the subject of an "economic factor," they did not specify whether any cryptocurrency was stolen. The nature of the relationship between the accused and the victim is also still under investigation.