In the latest crypto kidnapping case, a man by the name of John Victor Woeltz was arrested on Friday (May 23), accused of kidnapping an unnamed Italian man in New York and torturing him for weeks to gain access to the man’s Bitcoin.
Woeltz and another unnamed individual allegedly held the Italian tourist hostage for two weeks inside a Manhattan home before he managed to escape and alert the authorities.
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Police say John Woeltz bound the man for 2 weeks, electrocuted him,… pic.twitter.com/55pZIm3g3G
— Mario Nawfal (@MarioNawfal) May 24, 2025
John Victor Woeltz Arrested On The Same Day The Crypto Kidnapping Victim Managed To Escape
John Victor Woeltz, 37, was taken into custody on Friday (May 23), the same day the victim managed to escape from the property in Manhattan.
Woeltz was arraigned Saturday on one count each of second-degree assault, kidnapping, unlawful imprisonment, and criminal possession of a firearm, per court records.
Sources close to the investigation have said Woeltz, the tourist, and an unnamed third individual had been in business together for years. Police are still searching for the third business partner, who has not been publicly identified.
An attorney for Woeltz declined to comment Saturday. A judge granted a request to hold Woeltz in custody during Saturday’s arraignment. His next court date is Wednesday.
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Italian Man Allegedly Held And Tortured For 17 Days For Bitcoin Password, But Did Not Break
(SOURCE)
The tourist, a 28-year-old man visiting from Italy, met the accused kidnapper on May 6, sources said. On that same date, Woeltz allegedly took the Italian man to a home he was renting in Nolita, an upmarket neighborhood in New York’s Manhattan district.
According to a criminal complaint filed in New York, Woeltz and an unidentified “unapprehended male” kidnapped the victim, took his electronic devices and passport, and tortured him until he managed to escape seventeen days later.
The pair were attempting to get the victim to hand over access to his Bitcoin portfolio, and when he refused, they beat him, shocked him with electrical wires and hit him in the head with a gun.
Woeltz and the third business partner allegedly aimed a gun at the victim’s head on multiple occasions, dangled him over a top-floor staircase, and threatened to kill him if he did not reveal his password.
Sources close to the case have also claimed that the kidnappers urinated on the victim and put an Apple AirTag around the Italian’s neck to ensure he did not escape.
No details have been released as of yet regarding how the victim managed to escape on Friday. However, upon escaping, the Italian ran into a road traffic officer who called police to the Nolita home, where John Victor Woeltz was later arrested.
There Is Little Information On What Spurred The Business Relationship To Turn So Violent Amid a Spate Of Crypto Kidnapping Cases
The next crypto-related kidnapping in Europe, this time in Paris, France
, were three men attempted kidnapping the daughter of a crypto platform’s CEO, fortunately without success! pic.twitter.com/l6mbcdit4q
— CR1337 (@cryptonator1337) May 13, 2025
When digging into Woeltz’s background, the motive for the crypto kidnapping comes as a surprise. Sources have said that the alleged kidnapper is a prominent crypto trader from the state of Kentucky who is estimated to be worth north of $100 million.
On the other hand, the same sources claim that the Italian victim has an estimated net worth of around $30 million. Due to the trio’s supposed longstanding business relationship, there could be several reasons why Woeltz and his accomplice viciously tortured the victim for his Bitcoin password.
The sources said Woeltz had reportedly been renting out the Prince Street residence at a monthly rate of between $30,000 and $40,000. An online listing for the home says it was last rented in March for $75,000.
Whether a business deal gone wrong or just pure greed, it comes hot on the heels of a spate of crypto-related kidnappings across France and elsewhere.
Earlier this year, a co-founder of the crypto hard wallet firm, Ledger, was kidnapped along with his wife in an attempted ransom case. David Balland had his finger cut off during the ordeal before French special forces carried out a successful rescue operation which also saw Balland’s wife found and unharmed.
Then again, just a few weeks back, the daughter and granddaughter of a French crypto exchange owner were victims of an attempted crypto kidnapping in broad daylight on the streets of Paris.
Luckily, the daughter’s husband fought off the attackers before members of the public stepped in, and the criminals were forced to abandon the plot.
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