Two Arrested for Kidnapping and Torturing Crypto Business Partner—Police
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
Two suspects have been arrested and charged in connection with the kidnapping and torture of a cryptocurrency business partner in a SoHo luxury apartment in New York City, according to the New York City Police Department (NYPD) and local media reports.
Why It Matters
This case highlights the growing intersection between cryptocurrency wealth and violent crime, as digital assets become increasingly valuable targets for extortion schemes.
The incident occurred in one of Manhattan's most upscale neighborhoods, raising concerns about how cryptocurrency-related crimes are evolving and the extreme measures perpetrators will employ to access digital wallets worth millions.
What To Know
In an email response to Newsweek on Saturday afternoon, a NYPD deputy commissioner public information (DCPI) spokesperson confirmed that on Friday at approximately 9:30 a.m. local time, in the vicinity of Mulberry and Prince streets, a 28-year-old male victim approached an on-duty traffic agent and stated he had been kidnapped and held against his will in a nearby apartment since May 6. The alleged victim further stated he had been routinely assaulted during his captivity.
John Woeltz, 37, was charged with two counts of second-degree assault and one count each of first-degree kidnapping, first-degree unlawful imprisonment, and criminal possession of a firearm, according to DCPI. Beatrice Folchi, 24, of Manhattan, was charged with kidnapping and unlawful imprisonment, though the Manhattan district attorney's office declined to prosecute Folchi at the time, "pending further investigation," according to CBS News.
Police say a third male suspect remains at large.
Investigators say the group allegedly lured the former business partner back from Italy to access his cryptocurrency account and then kidnapped and tortured him for weeks. Police discovered the suspects had documented their crimes, with officers locating a number of Polaroid photographs showing the victim tied up with electrical wire and tortured. One of the images allegedly showed the victim having a gun pointed at his head.
The alleged victim told police that Woeltz and another person beat him, used electric shock and hanged him off a ledge after he refused to provide his Bitcoin password. Police sources also learned that at one point during his ordeal, the victim's kidnappers are alleged to have threatened to cut off his legs with a chainsaw. Additionally, Woeltz allegedly forced the victim to take cocaine and subjected him to various forms of psychological torture. He even tied an Apple AirTag around the victim's neck to keep a check of where he was in the building where he had limited movement.
Authorities said the victim was able to escape from the apartment after Woeltz allegedly suggested it would be his death day. Woeltz, a crypto entrepreneur, was taken into custody barefoot and in a bathrobe on Friday.
Police said the 8-bedroom, 10-bathroom home was rented for $30,000 to $40,000 a month and was rented just a couple of months ago, with the most recent listing price at $75,000 per month.
Woeltz was ordered held without bail during his Saturday morning arraignment in criminal court.
Police tape secures a crime scene outside a club after a shooting in Brooklyn on October 12, 2019.
Police tape secures a crime scene outside a club after a shooting in Brooklyn on October 12, 2019.
JOHANNES EISELE/AFP via Getty Images
What People Are Saying
A witness, Molli Sramowicz, told CBS News: "We saw police running this way and then there was just a lot of screaming. Police with their guns out, then the SWAT team came in, then a fire truck."
Local vendor Ciaran Tully, who worked near the building where the alleged crime took place, told Eyewitness News: "I've seen people go in and out all the time and never really ever saw the same person twice. So, we were wondering like what was going on in there?"
What Happens Next
The unidentified victim was taken to Bellevue Hospital, where he was listed in stable condition, according to DCPI.
Detectives are interviewing two butlers who were at the home and worked for the suspect. A gun was recovered in the home, and police have requested additional search warrants for a more comprehensive investigation.
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