Crypto investor charged with kidnapping, torturing man for wallet passwords
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A cryptocurrency investor has been charged with kidnapping and torturing an Italian man in a bid to steal his digital assets.
John Woeltz, 37, was arraigned in Manhattan after allegedly holding the 28-year-old victim captive for weeks in a $30,000-per-month SoHo townhouse.
Prosecutors say Woeltz, along with accomplices, stole the man’s devices and passport, then beat, electrocuted, and threatened him at gunpoint to force him to reveal his crypto passwords.
The victim escaped on Friday and alerted police, who found Polaroid photos documenting the abuse.
Woeltz declined to speak with investigators, pleaded not guilty to four felony charges, including kidnapping for ransom, and was denied bail.
A 24-year-old woman was also arrested but later released without charges.
The case adds to growing global concerns over crypto-related kidnappings.
In France, high-profile investors have faced similar threats, prompting increased security.
In Uganda, Festo Ivaibi of Mitroplus Labs was abducted at gunpoint on May 17 and forced to transfer $500,000 in cryptocurrency.
His attackers, dressed as military personnel, also sold off part of his company’s meme coin under duress.
