An individual known as a Crypto Investor was arrested after police say he kidnapped and tortured an Italian man for three weeks in a townhouse in Manhattan to get his password for Bitcoin. Police arrested John Woeltz, 37, from Kentucky on Friday after the victim managed to escape and get in touch with officers.

Key-Takeaways:

• The so-called “Crypto Investor,” John Woeltz, was detained by police for kidnapping and torturing an Italian man in order to steal their Bitcoin information.
• It underlines an increase in attacks on crypto investors which has led to requests for better protection in the crypto sector.

The Detailed Plot to Kidnap

The Crypto Investor was renting an eight-bedroom house in the NoLita part of Manhattan for at least $30,000 per month. Woeltz and another accomplice took the victim’s electronic devices and passport as soon as the 28-year-old Italian man arrived on May 6.

They requested the credentials for the victim’s Bitcoin wallet. What followed was a three-week period filled with fear.

According to court papers, the victim was severely beaten because he refused to give away his cryptocurrency keys. Both men, the Crypto Investor and his accomplice, hurt their victims using beating, shocks from electric devices and firearms.

The individuals, at some point, transferred the victim to the top level of the townhouse. After that, they dangled him near the edge of a building, threatening to kill him if he didn’t hand over his Bitcoin password.

Growing Numbers of Violent Attacks

The Crypto Investor stepped up the violence to break through the victim’s barrier. Woeltz, as prosecutors explained, used a saw on the victim and then forced him to smoke crack cocaine. The Crypto Investor issued death threats to the victim’s family members and kept him restrained for the entire period he was captive.

Polaroid pictures of the victim tied up and attacked were found in the townhouse which helped the police identify the crimes of the Crypto Investor. The pictures captured the continuous mistreatment the man suffered for the three weeks he was jailed. Officers found both firearms and various torture devices at the property.

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Legal Results and the Workings of Courts

The alleged Crypto Investor appeared in Manhattan criminal court Saturday morning on charges of kidnapping for ransom, assault, holding people against their will and carrying a gun. Judge Schumacher ordered the defendant’s release on bail to be denied and required him to give up his passport.

He denied guilt on all the charges pressed against him. He is scheduled to appear in court again on May 28.

On Friday, officers detained Beatrice Folchi, who is 24 years old, as part of the investigation, even though police have not explained her role with Crypto Investor. A third male suspect was named, but because he has not been caught, he is referred to as the “unapprehended male” during the torture event.

This situation demonstrates a worrying increase of harm being done to cryptocurrency holders and executives. The arrest of The Crypto Investor was made after several attempts to kidnap notable figures in the crypto community, with France specifically enacting extra protections for entrepreneurs and their families.

In January 2025, David Balland, who co-founded hardware wallet company Ledger, was kidnapped and held until police in France finally rescued him. As a result, leaders within the crypto industry are now asking for increased security measures and bodyguards.

Conclusion

In the Crypto Investor case, we see that criminals are willing to go to great lengths to steal digital money, sometimes using abduction and torture. All around the world, law enforcement is updating its strategies to prevent and solve the crimes associated with cryptocurrencies as the industry grows.