News Summary
John Woeltz, a cryptocurrency investor in Manhattan, has been arrested for the kidnapping and torture of a 28-year-old Italian tourist. The victim managed to escape after enduring weeks of abuse, during which Woeltz and an accomplice sought his Bitcoin password through severe methods. Woeltz is facing multiple charges, including kidnapping and assault. With a history of prior assaults and significant wealth, his case raises concerns about accountability among affluent cryptocurrency traders. He remains in custody as investigations continue.
New York City – A Manhattan cryptocurrency investor, John Woeltz, 37, has been arrested and charged with kidnapping and torturing a 28-year-old Italian tourist in an alarming incident that unfolded over several weeks. The victim managed to escape from Woeltz’s rental home located on Prince Street, flagging down a traffic officer for help on Friday morning after enduring a traumatic experience.
Woeltz has been charged with multiple offenses, including kidnapping, second-degree assault, unlawful imprisonment, and criminal possession of a firearm. He has been ordered to be held without bail during his arraignment, which took place on Saturday. Authorities noted that Woeltz poses a flight risk due to his considerable wealth, which includes a private jet and helicopter.
The disturbing events began on May 6 when Woeltz allegedly lured the victim to his residence in Nolita, a neighborhood in Manhattan, under the pretense of discussing a business matter. Woeltz, alongside an unidentified business partner, reportedly took control of the victim’s electronics, passport, and subjected him to various forms of torture in a desperate attempt to extract the victim’s Bitcoin password. This torture allegedly included severe beatings, physical threats involving a firearm, and even branding the victim with electrical wires.
The ordeal continued for several weeks. The victim was reportedly tied up, forced to smoke crack cocaine, urinated on, and threatened with death to his family should he fail to comply with the demands of his captors. On the fateful day of his escape, the victim convinced Woeltz that he would reveal the password. However, as Woeltz momentarily turned away to fetch the victim’s laptop, the victim seized the opportunity to flee.
Upon escaping, the victim approached a nearby traffic officer, visibly distressed, covered in cuts and bruises, displaying physical marks consistent with having been restrained. He was subsequently taken to a hospital, where he was treated for his injuries and remained in stable condition.
In the aftermath of the escape, law enforcement officials conducted a search of Woeltz’s townhome, uncovering significant evidence, including cocaine, firearms, and devices that indicated torture had been inflicted upon the victim. Investigators also discovered Polaroid pictures showing the victim tied up under duress.
Authorities revealed that Woeltz had a history of prior assaults against the victim, and this alarming case has raised concerns about the safety and accountability of wealthy cryptocurrency traders. The victim is believed to have assets valued at approximately $30 million, while Woeltz’s status as a prominent trader has amassed him a fortune of roughly $100 million.
Neighbors in the affluent area have described Woeltz’s residence as often hosting noisy parties, with law enforcement observing signs of alcohol consumption and indications of possible drug use. Woeltz had been renting the upscale property at a monthly rate estimated between $30,000 to $40,000.
Following his arrest, Woeltz’s assistant, Beatrice Folchi, was also taken into custody, although she has not yet been prosecuted as further investigations continue.
As Woeltz awaits his next court date scheduled for Wednesday following his arraignment, the case highlights the darker side of cryptocurrency investments and raises important questions regarding accountability in the lucrative but unregulated sector. If convicted of kidnapping, Woeltz could face a minimum of 15 years to life imprisonment, with a maximum sentence of 25 years to life.
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