A cryptocurrency investor, identified as John Woeltz, 37, was arrested in New York after being accused of holding an Italian businessman captive for more than two weeks in a luxury apartment in the SoHo neighbourhood. According to authorities, the goal of the kidnapping was to obtain the password to gain access to his digital assets.
The case came to light last Friday, when the victim, a 28-year-old man who had arrived in the city from Italy in May, managed to escape from his confinement and approached a traffic officer on the street for help.
According to international media reports, the young man had injuries consistent with prolonged torture: he had been tied with electric cables, beaten with a firearm, forced to use cocaine, and subjected to electric shocks.
In the apartment Woeltz allegedly rented for between $30,000 and $40,000 a month, police found evidence to support the allegations: Polaroid photos of the young man tied up and held at gunpoint—allegedly taken to extort money from the victim’s friends—as well as a chainsaw, wire mesh, bulletproof vests, drugs, and ammunition.
Sources emphasise that, during his captivity, the Kentucky investor allegedly threatened to use the chainsaw to mutilate the victim if he did not hand over his bitcoin password.
The plot reportedly began on May 6, when Woeltz and the young Italian met, supposedly to discuss business matters. Shortly after, the suspect confiscated the victim’s passport and immobilised him. The two are believed to have collaborated in the past.
Following his arrest by authorities, Woeltz was charged with kidnapping, assault, unlawful restraint, and criminal possession of a weapon, and ordered held without bail. According to several media reports, prosecutors warned that Woeltz has escape routes, including a private jet and a helicopter.
Some reports add the existence of public records linking him to ownership of a 150-acre estate in Kentucky; in addition, law enforcement sources have stated that Woeltz possesses a fortune valued at $100 million.
Beatrice Folchi, a 24-year-old woman and alleged assistant to Woeltz, was initially detained for her alleged involvement in the kidnapping, but was later released after the prosecutor’s office requested that a more detailed investigation be carried out.
In a recent statement, Folchi asserted that she “had not been arrested” and added: “Everything will be disclosed, but for now, with a lawyer, I cannot comment.”
Kidnappings against cryptocurrency users continue unabated
The young Italian’s testimony, combined with recent kidnappings of investors in Spain, France, and other countries, confirms that physical attacks against cryptocurrency holders are becoming more frequent.
In Marbella, for example, a trader was held for hours in an Estepona apartment by three British citizens demanding €30,000 in bitcoin in exchange for his life. The victim managed to alert a friend in London with a coded message in Hindi, which led to a police operation that culminated in his rescue and the arrest of the kidnappers.
The case of David Balland in France is worth highlighting: the Ledger co-founder was kidnapped early one January morning from his home in the center of the country. He remained in captivity until a recent police operation succeeded in freeing him.
These crimes force crypto-asset users to strengthen not only their cybersecurity measures but also their personal protection. To reduce risks, it is recommended to maintain a low profile on social media, avoid publicly sharing details about cryptocurrency investments, and use dedicated devices to store private keys offline (cold wallets).
It is also key to be wary of business meetings with strangers, especially in private locations, and to have trusted people informed about travel. In high-net-worth cases, it may be necessary to consider personal security services.