Crypto King of Kentucky Arrested in Brutal Bitcoin Kidnapping Scheme

In a shocking turn of events, John Woeltz, widely known as the “crypto king of Kentucky,” has been arrested in New York City for allegedly orchestrating a harrowing kidnapping and torture scheme aimed at stealing Bitcoin from a 28-year-old Italian businessman. The incident, which unfolded in a luxury Manhattan townhouse, has captivated public attention and raised questions about the intersection of cryptocurrency, wealth, and crime.

Background of the Crypto King

John Woeltz, a 37-year-old cryptocurrency investor, earned his title as the “crypto king of Kentucky” through his reported $100 million net worth and a flamboyant lifestyle that included ownership of a private jet and helicopter. Operating as a prominent figure in the crypto trading world, Woeltz was renting a six-story townhouse on Prince Street in Manhattan’s Nolita neighborhood for $30,000 a month, a property described as a high-end party hub with stripper poles and scattered liquor bottles.

Read more: crypto kidnapping NYC Scandal, Crypto Investors Charged in Torture Case

Details of the Kidnapping

The victim, an Italian tourist who arrived in New York City on May 6, was allegedly lured to the townhouse under the pretense of a business meeting. Woeltz, along with another business partner, William Du Plessis, is accused of holding the victim captive for over two weeks. During this period, the victim endured severe torture, including:

• Being pistol-whipped and threatened with a gun to his head.

• Having a chainsaw used on his leg.

• Being urinated on and subjected to electrocution.

• Being tied up, dangled off the building, and having his family threatened.

The captors reportedly demanded the victim’s Bitcoin wallet password, believed to be linked to a substantial fortune, with some sources estimating the victim’s worth at $30 million. The ordeal has been likened to a blend of “The Wolf of Wall Street” and “American Psycho” due to its extreme nature.

The Victim’s Escape and Arrests

The victim’s escape was nothing short of cinematic. On a Friday morning, he broke free from the townhouse, running barefoot to a nearby police officer for help. He was found covered in cuts, bruises, and ligature marks on his wrists, evidence of his prolonged captivity (NBC Palm Springs). His escape triggered the swift arrest of Woeltz, who faces charges of kidnapping, unlawful imprisonment, assault, and other related offenses. He is currently being held without bond as he awaits further legal proceedings.

A second suspect, William Du Plessis, has since surrendered to authorities, marking a significant development in the case. Another individual, Beatrice Folchi, described as Woeltz’s assistant, was arrested but later released. Authorities continue to investigate, with a third business partner still at large.

Evidence Uncovered

Upon searching the townhouse, police uncovered a chilling array of evidence, including:

• Polaroid photographs depicting the victim bound and tortured.

• A gun and various torture implements consistent with the victim’s allegations.

• Items indicating a tumultuous business relationship among Woeltz, Du Plessis, and the victim.

Neighbors reported hearing loud parties at all hours, oblivious to the horrific acts occurring within the walls of the luxury residence.

Public and Media Reaction

The case has garnered widespread attention, with media outlets and social media platforms buzzing with commentary. X posts have described the incident as “completely bonkers” and “one of the craziest stories of the year”. The sensational nature of the story, combining cryptocurrency, extreme wealth, and violent crime, has fueled comparisons to Hollywood thrillers.

Implications for the Cryptocurrency Community

The arrest of the “crypto king of Kentucky” has sparked broader discussions about the risks associated with the cryptocurrency industry. The pursuit of digital wealth, while lucrative, can sometimes lead to desperate and criminal behavior. This case serves as a stark reminder of the need for caution and security in handling digital assets, particularly as cryptocurrencies like Bitcoin continue to attract significant investment.

Ongoing Developments

As legal proceedings move forward, both Woeltz and Du Plessis remain in custody, with the cryptocurrency community and the public closely monitoring the case. The dramatic fall of the “crypto king of Kentucky” underscores the volatile intersection of wealth, technology, and human behavior, leaving many to wonder about the future implications for the crypto world.