Crypto trader tortured Italian man in NYC home in bid to steal his Bitcoin, authorities say

A man was arrested on Friday for allegedly kidnapping an Italian tourist and subjecting him to torture for weeks inside a house in Manhattan in an attempt to steal the victim’s bitcoin. The victim managed to escape and seek help on Friday morning. John Woeltz, 37, was apprehended on the same day and charged with assault, kidnapping, unlawful imprisonment, and possession of a firearm. Authorities revealed that Woeltz had a long-standing business relationship with the victim and another individual, who is currently being sought by the police. The victim had reportedly endured prior instances of violence from Woeltz and the other individual, but the recent incident was described as extreme. Woeltz’s lawyer declined to comment, and he was ordered to remain in custody until his next court appearance on Wednesday.

The Italian tourist, aged 28, met his alleged captor on May 6 and was taken to a rented home in Nolita, Manhattan. The victim was reportedly held against his will, physically assaulted, and coerced to reveal his bitcoin account password. Authorities stated that Woeltz and another individual had used violence, including beatings, electric shocks, and threats with a gun, to extract the password from the victim. Upon escaping, the victim sought help from a traffic agent who then alerted the police. The victim was found with visible injuries and marks from being bound.

Woeltz, a well-known cryptocurrency trader from Kentucky, was estimated to have substantial wealth. Evidence recovered from his Manhattan residence included items used for torture and a firearm believed to have been used during the ordeal. A neighbor who witnessed the arrest expressed shock at the unfolding events. Despite the suspect’s wealth, the neighbor found it incomprehensible that someone with such resources would engage in criminal behavior. The incident drew the attention of passersby, with some taking photos in front of the residence. Police continued their investigation at the scene, while onlookers were advised to search the home’s address online for more information.