crypto kidnapping NYC Scandal, Crypto Investors Charged in Torture Case

In a case that has come to be known as the “crypto kidnapping NYC” scandal, two New York City-based cryptocurrency investors, John Woeltz, 37, and William Duplessie, 33, have been indicted for allegedly kidnapping and torturing a 28-year-old Italian tourist over a Bitcoin dispute. The victim was held captive for 17 days in an upscale Manhattan townhouse, enduring horrific abuse before managing to escape. This chilling incident has raised alarms about the potential dangers lurking in the unregulated world of cryptocurrency.

Background of the Case

The suspects are well-known figures in the cryptocurrency investment community. John Woeltz, often dubbed the “crypto king of Kentucky,” has made headlines for his high-profile investments and extravagant lifestyle, including access to private jets and helicopters. William Duplessie, while less public, is also deeply involved in cryptocurrency trading. The victim, whose identity has been withheld to protect his privacy, arrived in New York City from Italy on May 6, 2025, after receiving threats against his family. Authorities believe the conflict arose from a failed cryptocurrency transaction, though specific details remain undisclosed.

Read more: \Daughter of Crypto CEO Escapes Kidnapping Attempt in Paris

Details of the “Crypto Kidnapping NYC” Incident

According to court documents, the victim endured a 17-day ordeal in a Soho townhouse, where he was subjected to repeated physical assaults, electric shocks, and forced consumption of crack cocaine. The captors, obsessed with accessing the victim’s Bitcoin wallet, employed extreme measures, including threatening him with firearms and inflicting cuts with a saw. The “crypto kidnapping NYC” case has shocked the public, revealing the lengths to which some individuals will go in pursuit of digital wealth.

Escape and Aftermath

The victim’s escape came when Woeltz briefly left the townhouse to retrieve a laptop, presumably to access the victim’s cryptocurrency accounts. Seizing the opportunity, the victim fled and sought help from nearby residents, who alerted the authorities. A police raid on the townhouse uncovered a grim scene, including bloodstains, torture implements, drugs, and tactical gear such as body armor and night vision goggles, suggesting the suspects were prepared for an elaborate operation.

Legal Proceedings

John Woeltz was arrested on May 23, 2025, and faces charges of kidnapping, assault, unlawful imprisonment, and criminal possession of a firearm. He has pleaded not guilty and was denied bail due to his significant financial resources and potential flight risk, given his access to private transportation. William Duplessie surrendered to the NYPD’s 13th Precinct on May 27, 2025, facing similar charges. His request for home detention in Florida was rejected, and he remains in custody. A 24-year-old woman was briefly detained in connection with the case but is not currently facing prosecution.

Broader Implications

The “crypto kidnapping NYC” incident is not an isolated event. Similar cryptocurrency-related abductions have been reported in France, with three such cases occurring this year alone. These incidents highlight a disturbing trend of violence linked to the pursuit of digital currencies, raising questions about the need for greater regulation and oversight in the cryptocurrency industry. The case has sparked discussions within the crypto community about the risks of operating in an unregulated financial space.

Quick Summary,

The “crypto kidnapping NYC” case has cast a dark shadow over the cryptocurrency world, exposing the potential for crime and violence when vast sums of untraceable wealth are at stake. As legal proceedings continue, the case serves as a stark reminder of the dangers that can accompany the promise of quick riches in the crypto market. Authorities and investors alike are watching closely, as the outcome of this case may influence future approaches to cryptocurrency regulation and safety.