A luxurious townhouse linked to a kidnapping case involving a crypto trader.
John Woeltz, a cryptocurrency trader from Kentucky, has been arrested and faces multiple charges including kidnapping and torture of a business partner. The victim was allegedly held for 17 days, subjected to physical and psychological abuse in an attempt to extract Bitcoin account information. Evidence of the ordeal was found at Woeltz’s residence. His attorneys plan to plead not guilty. The case underscores the extreme lengths some individuals may go to in the high-stakes world of cryptocurrency trading.
John Woeltz, a 37-year-old cryptocurrency trader from Kentucky, was arrested on Friday and faces serious charges including kidnapping, assault, unlawful imprisonment, and criminal possession of a firearm. The charges stem from an alleged plot to extract Bitcoin account information from a 28-year-old Italian citizen, who had recently arrived in New York City.
The victim was reportedly held captive for 17 days after refusing to disclose his Bitcoin password, with Woeltz and a business associate subjecting him to brutal treatment that included physical torture and threats to his life. The ordeal ended when the victim managed to escape and seek help from authorities.
According to law enforcement, Woeltz and his accomplice had a turbulent relationship with the victim before the incident. Upon taking the victim hostage, they forcibly confiscated his passport and electronics, demanding access to his cryptocurrency assets. The accusations include binding the victim’s wrists, pistol-whipping him, and using a chainsaw to inflict cuts on his leg, alongside threatening to harm his family.
The captors also engaged in psychological terror, such as dangling the victim off a building ledge. The circumstances of his escape revealed the extent of his injuries; he was found covered in cuts and bruises, with noticeable ligature marks on his wrists when he flagged down police for assistance.
Upon his arrest, police discovered substantial evidence of the alleged torture at Woeltz’s residence. This included Polaroid photographs depicting the victim restrained, as well as a firearm, cocaine, and various implements associated with torture. The upscale townhouse, where Woeltz is believed to have been living, came with a hefty rental price tag of between $30,000 and $40,000 each month, consistent with his reported net worth of approximately $100 million.
Following his indictment, Woeltz’s attorneys stated he would plead not guilty to all charges. He is set to appear in court again on Wednesday, while officials reaffirm his status as a flight risk. This designation is supported by his access to a private jet and helicopter, raising concerns about the potential for him to evade prosecution.
The victim, once he escaped, was taken to a hospital to treat his injuries, which authorities claimed were consistent with prolonged torture and restraint over the duration of his captivity. Law enforcement continues to look for the unidentified accomplice involved in the abduction, seeking to bring all parties responsible to justice.
Woeltz’s venture into the cryptocurrency market has drawn significant attention in recent years, culminating in an estimated wealth suggesting substantial involvement in various digital asset transactions. This case sheds light on the extreme lengths some individuals might resort to in the high-stakes world of cryptocurrency trading, demonstrating the darker side of financial rivalry and betrayal.
As investigations progress, the case not only highlights the importance of security within the cryptocurrency domain but also raises broader questions about how disputes are handled in high-pressure financial scenarios.
Crypto King of Kentucky Arrested for Kidnapping and Torture
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