Who is John Woeltz? $100M crypto king kidnaps, tortures Italian man for Bitcoin password in NYC before dramatic escape

Hindustan Times

25-05-2025

A cryptocurrency investor from Kentucky has been accused of torturing an Italian businessman with a chainsaw for weeks in an attempt to obtain his Bitcoin password at a ritzy Manhattan apartment. The captive eventually managed to make a daring escape. Law enforcement sources described the victim's shocking ordeal as 'The Wolf of Wall Street' meets 'American Psycho,' as reported by the New York Post. The victim was a 28-year-old businessman.
The suspect, 37-year-old John Woeltz, was arrested after the bloodied and bruised victim broke out of the SoHo horror house Friday morning, May 23. He ran to a cop and revealed that he had been held captive for over two weeks.
The victim's ordeal began on May 6 when he arrived in New York City from Italy and went to see Woeltz. The two are believed to have had past business dealings.
When the victim went to meet Woeltz, the latter snatched his passport and tied him up. Woeltz was allegedly renting the luxurious Prince Street pad for about $30,000 to $40,000 a month.
Woeltz tortured the victim for days, which were documented by Polaroids that police later found at the scene. The Polaroids were possibly made to extort money from the victim or his family in Italy, sources said, as reported by the New York Post. The nightmare stemmed from a dispute over cryptocurrency.
Police discovered several Polaroid photos of the victim, who is also a crypto trader, being tied up with electrical wire and tortured. One photo shows him bound to a chair with a gun pointed at his head.
Woeltz has been accused of threatening to kill the victim's family back in Italy. At one point, Woeltz 'carried the victim to the top flight of stairs of the apartment in the compound and hung the victim over the ledge, after threatening to kill the victim if the victim did not provide the defendant with the victim's Bitcoin password,' Assistant District Attorney Michael Mattson said told Judge Eric Schumacher.
T-shirts with an image of the victim with crack cocaine in his mouth were discovered by authorities. The businessman, from Turin, Italy, had told his family before the ill-fated tour that he was traveling to the United States 'for a trip of tourism and language learning,' the Italian news outlet la Repubblica reported. The victim had been studying psychology in college at one point, but later dropped out to trade crypto, another Italian news report said.
After being imprisoned by Woeltz, the victim was bound with an electric cord, Tased while his feet were put in water, pistol-whipped, and even forced to take cocaine. He was also cut on his legs and arm with a chainsaw. An Apple AirTag was tied around his neck. He was eventually taken to Bellevue Hospital with injuries that included a wound on his arm believed to be from a chainsaw, as well as a wound on his head from being pistol-whipped.
The victim's made-for-television escape happened after he told Woeltz he will give up the password by plugging it into his laptop. Woeltz turned his back to get the computer, which is when the injured victim, with no shoes on, ran down the stairs and fled to the street before eventually getting help.
Besides the Polaroids, authorities also found night vision goggles, a bulletproof vest, ballistic helmets, a firearm and ammunition in the blood-soaked torture chamber, according to police and prosecuties.
Public records show that Woeltz is the owner of a 150-acre spread in Kentucky. After being arrested, he was charged with two counts of second-degree assault, first-degree kidnapping, first-degree, first degree unlawful imprisonment and criminal possession of a weapon. Woeltz' assistant, Beatrice Folchi, was initially also held on kidnapping charges, but was later released after the district attorney refused to prosecute, pending further investigation. At least one more suspect, who allegedly worked for Woeltz, is being sought.
Law enforcement sources said that Woeltz is worth $100 million, but it is unclear how he amassed his wealth. According to sources, he worked in blockchain and other cryptocurrency identifying security flaws. He may also have been involved in a hedge fund that invested in crypto assets. He owns a nearly 150-acre farm in Smithland, Kentucky, which is priced at more than $860,000.
Woeltz appeared in Manhattan Criminal Court on Saturday, May 24, where he was ordered held without bail. He has also been ordered to stay away from the victim.
A relative of the Woeltz said the suspect was 'an easy victim' who was forced into this situation. 'He's a kind, caring, loving person, so he was completely controlled by other people,' the relative said of Woeltz, adding the suspect was 'easily manipulated.'
'I'm getting calls from John's friends, girlfriends, everyone saying, 'John was railroaded,' ' she claimed. 'He was hijacked and manipulated and scammed. I think they stole his money as well. He's a victim.'
Woeltz faces 15 to 25 years behind bars on the charges. Assistant District Attorney Mattson told the judge that Woeltz 'has the means to flee,' and called for the suspect to be sent to jail without bail. The request was granted by Schumacher, who also issued an order of protection to the victim.