Crypto Investor Arrested for Bitcoin Kidnapping and Torture in NYC

TLDR

• John Woeltz, 37, was arrested for kidnapping and torturing a 28-year-old Italian man for weeks in a Manhattan apartment to access his Bitcoin wallet
• The victim escaped on Friday after being bound, beaten, drugged, and electrocuted while captors demanded his cryptocurrency password
• Police found evidence including cocaine, weapons, night vision goggles, and photos of the victim with a gun to his head at the crime scene
• Woeltz was charged with kidnapping, assault, unlawful imprisonment, and weapons possession, held without bail
• The case is part of a growing trend of “wrench attacks” where criminals use physical violence to steal cryptocurrency, with 26 such incidents tracked in 2025

A cryptocurrency investor was arrested in New York City after allegedly kidnapping and torturing a man for weeks to steal his Bitcoin. John Woeltz, 37, faces multiple charges including kidnapping, assault, and weapons possession.

The victim, a 28-year-old Italian national, arrived in New York in early May. Prosecutors say he was abducted on May 6 and held captive in an upscale eight-bedroom Manhattan townhouse.

For weeks, the victim endured brutal treatment as his captors demanded access to his Bitcoin wallet. He was bound by the wrists, beaten, and drugged during his captivity. The attackers used electric wires to shock him and hit him in the head with a firearm.

In one terrifying incident, prosecutors say the captors carried him to the top of stairs. They dangled him over a ledge and threatened to kill him unless he revealed his Bitcoin password. The victim believed he would be shot if he refused to comply.

Victim’s Escape and Evidence Discovered

The victim finally escaped on Friday after agreeing to provide his password. He told his captors the password was stored on his laptop in another room. When Woeltz turned his back, the victim ran from the apartment and flagged down a traffic officer for help.

Police took the victim to a hospital where he received treatment. Medical staff confirmed his injuries were consistent with being bound and assaulted for an extended period.

A search of the townhouse revealed disturbing evidence of the crime. Police found cocaine, a saw, chicken wire, body armor, and night vision goggles. They also discovered ammunition and Polaroid photos showing the victim with a gun pointed at his head.

Multiple Suspects Involved

Prosecutors say Woeltz did not act alone in the kidnapping scheme. Court records reference an “unapprehended male” who remains at large. The district attorney’s office confirmed that others were involved in the plot to empty the victim’s Bitcoin wallet.

Woeltz was arraigned on Saturday and ordered held without bail. The judge also required him to surrender his passport due to flight risk concerns. Prosecutors noted that Woeltz has significant means to flee, including access to a private jet and helicopter.

Growing Trend of Crypto Violence

This case represents part of a disturbing pattern of physical attacks targeting cryptocurrency holders. Security experts call these incidents “wrench attacks” where criminals use violence to bypass digital security measures.

Jameson Lopp, CTO of security firm Casa, has documented at least 26 physical crypto-related attacks in 2025 alone. These range from kidnappings to home invasions targeting digital asset holders.

Recent cases include an American tourist who lost $123,000 in crypto after being drugged by a fake Uber driver in London. In Paris, masked individuals attempted to kidnap the daughter and grandchild of a French crypto industry figure.

Woeltz is scheduled to appear in Manhattan criminal court next week. His attorney declined to comment on the charges.