Key Takeaways
- Two suspects accused of torturing an Italian crypto trader in NYC were released on $1M bail each.
- The victim was allegedly held hostage, beaten, and coerced to reveal Bitcoin wallet access.
- The next court hearing is set for Oct. 15, with strict bail conditions imposed.
Two men accused of kidnapping and torturing a cryptocurrency trader in New York have been released on $1 million bail each. The case, which involved weeks of physical abuse and extortion aimed at accessing the victimβs Bitcoin wallet, has drawn attention to growing threats in the crypto space.
Crypto Trader Held Hostage in Manhattan
In May, a 28-year-old Italian crypto investor visiting Manhattan was abducted shortly after his arrival. Prosecutors say he was held captive in a townhouse and subjected to beatings, electric shocks, and threats as the suspects tried to extract his digital wallet credentials.
The accused, John Woeltz of Kentucky and William Duplessie of Miami, allegedly used wires, weapons, and psychological intimidation to coerce the victim. He was reportedly shocked, pistol-whipped, and threatened with being thrown off a balcony. Photos from the scene show a gun pointed at his head.
The victim escaped in late May by convincing a captor to let him access his laptop, claiming it held the Bitcoin password. He fled when momentarily left alone and alerted a nearby traffic officer.
Investigators Find Shocking Evidence
Upon searching the townhouse, police uncovered a stash of surveillance equipment, body armor, drugs, and weapons. The setup suggested a well-orchestrated scheme targeting high-value crypto holders.
Police arrest John Woeltz
Woeltz was arrested at the scene, while Duplessie turned himself in days later. Both have pleaded not guilty to charges including kidnapping, assault, and coercion.
Court Imposes Tight Bail Conditions
New York Supreme Criminal Court Judge Gregory Carro approved bail for both suspects on July 24. As part of their release, they must wear electronic ankle monitors, surrender passports, and undergo security checks every 72 hours.
Crime reporter Lauren Conlin noted in a post on X that defense attorneys claimed the victim had willingly participated in the ordeal. βThey called it hazing β just 17 days of shenanigans,β she wrote.
The next hearing is set for October 15.
Rise in Crypto Ransom Cases Globally
The case reflects a broader trend: crypto investors are increasingly at risk of targeted attacks. In May, Amsterdam-based firm Infinite Risks International reported a spike in bodyguard requests from high-net-worth individuals in crypto, especially in France and East Asia.
As digital wealth becomes harder to track and easier to move, criminals are evolving from online scams to real-world extortion. Security experts advise crypto holders to remain discreet, use multi-sig wallets, and consider personal protection in high-risk regions.
Conclusion
The Manhattan crypto kidnapping case serves as a chilling reminder that digital wealth can invite very real-world danger. With suspects now out on bail and the court date approaching, the outcome could shape how crypto-related crimes are prosecuted and prevented in the future.
Frequently Asked Questions
What were the suspects trying to get?
They allegedly tried to force the victim to give up access to his Bitcoin wallet.
How did the victim escape?
He tricked a suspect into letting him access his laptop, then fled and found help.
What did police find at the crime scene?
Weapons, body armor, drugs, surveillance gear β all suggesting a premeditated plot.
