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A Kentucky cryptocurrency investor held an Italian man captive for three weeks in a luxury Manhattan townhouse, torturing him with electric shocks and beatings to steal his Bitcoin password, prosecutors said Saturday.
John Woeltz, 37, was arrested Friday after the 28-year-old victim escaped from the NoLita townhouse and flagged down a traffic officer. Police found the victim bloodied and shoeless when he reported the kidnapping.
The case represents the latest “wrench attack” targeting crypto holders. These violent crimes bypass digital security by using physical force to steal passwords and wallet access.
Woeltz lured his victim to New York in early May with promises of returning stolen Bitcoin, according to police reports cited by The New York Times. Instead, he and an accomplice seized the Italian man’s passport and electronic devices on May 6. The torture began that same day.
Prosecutors say Woeltz shocked the victim with electric wires, beat him with a gun, and cut his leg with a saw. The attackers forced him to smoke crack cocaine and threatened to kill his family if he refused to give up his Bitcoin password.
“The victim was brought to the hospital, traumatized, with a laceration to his face, injury to his wrists consistent with being bound, and various other injuries to his head and body,” prosecutors wrote in court documents.
Police found disturbing evidence inside the $30,000-per-month rental. Officers recovered Polaroid photos showing the victim with a gun to his head and T-shirts printed with images of him smoking cocaine.
The townhouse also contained torture equipment, including saws, chicken wire, body armor, night-vision goggles, and firearms ammunition.
The victim escaped Friday morning by pretending to cooperate. When Woeltz went to retrieve a laptop containing the Bitcoin wallet, the man ran from the five-story building.
Woeltz appeared in Manhattan Criminal Court Saturday, charged with kidnapping, assault, unlawful imprisonment, and weapons possession. He was ordered held without bail after prosecutors argued he poses a flight risk due to owning a private jet and a helicopter.
His attorney, Wayne Gosnell, declined to comment.
A second person, 24-year-old Beatrice Folchi, was also arrested Friday in connection with the case. Court records mention an “unapprehended male” accomplice still at large.
Security experts report a sharp rise in crypto-related violence this year. Jameson Lopp, chief technology officer at security firm Casa, has tracked at least 26 physical attacks on cryptocurrency holders in 2025. Recent incidents include a Paris kidnapping attempt targeting a French crypto executive’s family and an American tourist robbed of $123,000 in crypto by a fake Uber driver in London.
The attacks reflect Bitcoin’s soaring value, now worth over $100,000 per coin. Criminals increasingly target crypto holders because digital assets can be transferred instantly once passwords are obtained.
French authorities have responded by providing enhanced security protections for crypto entrepreneurs. Amsterdam-based security firm Infinite Risks International reports rising demand for bodyguards among crypto executives.
Woeltz faces up to life in prison on the kidnapping charges. He pleaded not guilty and returns to court on May 28.
The victim remains hospitalized in stable condition.
