Latest news with #crypto
Malay Mail
2 hours ago
- Business
- Malay Mail
‘Crypto king of Kentucky' among suspects charged with kidnapping, torture of Italian trader in New York bitcoin theft plot
NEW YORK, May 31 — The latest crime thriller gripping New York is the alleged kidnapping of a wealthy Italian man whose captors attempted to torture the crypto millionaire into giving up his bitcoin password. It began amid the backdrop of wild parties, immortalised in pop culture through films like The Wolf of Wall Street, in a posh Manhattan nightclub where the nouveau riche and flashy Wall Street bros congregate. It ended on the morning of May 23, when a man ran to a police officer near Mulberry and Prince streets in the Soho district of Manhattan. The barefoot man claimed he had just escaped a luxurious apartment where he was held captive for 17 days after entering the United States. Police arrived at the scene and arrested John Woeltz, 37, dubbed 'the crypto king of Kentucky' by tabloids, who is facing charges of kidnapping, criminal possession of weapons, assault and unlawful imprisonment. Woeltz's 24-year-old assistant was also detained but does not face the same charges. A second man, William Duplessie, 33, who is the founder of the startup Pangea Blockchain International, turned himself in on Tuesday and was charged similarly to Woeltz. Duplessie, who originally hails from Miami, appeared in court yesterday wearing a jail uniform. William Duplessie, who faces charges in connection with the alleged torture of Italian crypto millionaire Michael Valentino Teofrasto Carturan, attends his hearing at Manhattan Criminal Court in New York City on May 30, 2025. — Curtis Means/Pool/AFP pic Philosophy degree According to details reported by local media, the presumed victim is Italian cryptocurrency entrepreneur Michael Valentino Teofrasto Carturan, who visited John Woeltz's rented home — which goes for US$30,000 (RM144,918) a month — upon arriving from Italy on May 6. Once there, Woeltz and Duplessie confiscated his electronic devices and passport, and demanded the access code to his bitcoin assets, police said. After his refusal, the two men allegedly tortured Carturan, striking him with a rifle, pointing the weapon in his face and taking him to the building's fifth floor, where they threatened to throw him out the window, local media reported. 'He's a 37-year-old man with no prior criminal record. He's a college graduate with a degree in philosophy. He has been very successful in the technology world,' Woeltz's lawyer Wayne Ervin Gosnell said during a court hearing Thursday. The defence requested Woeltz's conditional release in the state of New York in exchange for a US$2 million bond. Gosnell also noted that it has been said Woeltz 'owns a private jet, he owns a helicopter. That is not true.' A view shows the Manhattan town house where William Duplessie and John Woeltz allegedly tortured an Italian man for weeks in an attempt to gain access to his cryptocurrency wallet, in New York City May 29, 2025. — Reuters pic Lavish lifestyle Though Woeltz has neither a jet nor a helicopter, he leads an exceedingly lavish lifestyle, according to the New York Post and TMZ, which published racy images of the suspects partying at The Box, a New York nightclub. The Post also mentioned frequent parties at the Soho apartment that is the scene of the alleged kidnapping. In recent months, cases of kidnappings or attempted abductions in the cryptocurrency world have multiplied globally as bitcoin, the most capitalised cryptocurrency, has grown to historical peaks. For Adam Healy, CEO of Station70, a firm specialising in crypto protection, these crimes are not new — he worked on a case years ago when an American traveling to Egypt was kidnapped for his crypto assets. 'I think that the frequency and the ruthlessness is increasing,' Healy said. In the last six to eight months, he has seen 'a significant uptick in those that are known to hold crypto or executives at crypto firms, things along those lines, getting targeted by a wide range of different criminals.' Healy attributed part of the uptick in crime to the rising price of bitcoin. 'It's a bigger target,' he said, and they are boosted by the ease with which massive payloads can be transferred with no oversight — as long as the crypto user can log in. 'Historically, if you wanted to kidnap something that was high net worth and they had, I don't know, ten million dollars in their JP Morgan account, it was kind of hard to get to,' Healy said. 'You couldn't just go to the bank and get a million dollars out.' — AFP
Daily Mail
2 hours ago
- Business
- Daily Mail
Crypto investors who paid $1.7m for Trump event disappointed at meal
Guests who paid £1.3million for the 'most exclusive invitation in the world' have piled in on the meal served at President Trump's event for crypto investors. Dubbed 'worse than airline food', the black-tie evening was thrown in honour of the 220 buyers behind the US President's official cryptocurrency. The backers of the 'meme coin' are said to have netted Mr Trump and his family £109million ($148million). On the menu was 'pan-seared halibut with a citrus reduction, a filet mignon with demi glaze' but Nicholas Pinto said the food 'sucked'. The 25-year-old - who has self-titled himself as someone who 'does trading' - told Wired 'it was the worst food I've ever had at a Trump golf course' and 'the only good thing was bread and butter'. Water or Mr Trump's wine were the beverages on offer and seeing as he doesn't drink, Mr Pinto (pictured) had water all evening. He said his glass was only refilled once. A crypto blogger, Chris Skinner, similarly critiqued the meal online, posting 'this is what you get served (+ a 25-minute speech from a podium by the numbers with no depth on crypto)'. Steve Kovach, a CNBC correspondant, said he had eaten 'better food on Spirit Airlines' - a budget travel company in America. Another guest said the food was 'OK, but not top class' while one user online described the meal as something 'you'd get as a reward in prison for not stabbing anyone all week'. Crypto investors were extensively targeted during Mr Trump's presidential campaign in 2024, promising them extensive deregulation of the industry. Democrats and ethic experts criticised the event, calling it a way for Trump to enrich himself. But the president pushed back against the charge in remarks to guests, arguing that Hunter Biden and the Biden family made a fortune off the Oval Office. 'Ultimately, no matter what it is, I always put the country way ahead of the business,' he said, adding 'You can't say that about Hunter.' Trump pointed out President Joe Biden's son Hunter sold paintings for thousands of dollars: '500,000 for a painting.' Arriving late, Mr Trump is said to have given bland remarks about 'the whole crypto thing' during his 23-minute long speech for the event and frequently veered off topic. He wore the blue suit and red tie he had been wearing at the White House all day. Addressing his crowd, Mr Trump was reported to have said 'you believe in the whole crypto thing. A lot of people are starting to believe in it … This is really something that may be special. Who knows, right? Who knows – but it may be special'. He then told 'some of the smartest minds anywhere in the world' that cryptocurrencies has a 'great, great future'. His administration was also 'big believers' of the 'cutting edge' industry. He then left his Virginia golf club after about an hour - before taking any questions from his guests on Thursday. But the invitation promised the 25 biggest investors special access to the president via a private reception and special White House tour. 'FOR THE TOP 25 COIN HOLDERS, YOU are Invited to an Exclusive Reception before Dinner with YOUR FAVORITE PRESIDENT!,' the event's website reads. 'PLUS, We have separately by us arranged for a Special VIP Tour for you - so make sure you stay in town.' The average guest is said to have spent $1.78million (£1.3million) on the President's cryptocurrency that was launched three days before his inauguration, blockchain analytics company Nansen claimed. But top spenders cashed out more than $10 million on the investment, with those at the other end of the range contributing a mere $100,000. Justin Sun holds the top spot, spending $22 million in '$Trump coin'. The crypto billionaire was charged in 2023 for market manipulation and offering unregistered securities. These were dropped in February, weeks after Mr Trump came to office. Many of the investors in the cryptocurrency are foreign and it's unclear what kind of background check they went through in order to be near the ballroom. Many of the guests were anonymous as they bought the currency through pseudonyms, registering with user names to make their purchases. Some had to navigate a sea of protesters outside of the club, walking through the shouting throngs on their way into the event. Inside, guests were greeted by a poster featuring Trump in a tux, his fist upheld in his classic fight stance, with the words 'Fight Fight Fight' written in gold. The official website for the dinner describes it as 'the most exclusive invitation in the world.' The White House press secretary Karoline Leavitt reassured journalists on Thursday that it was 'absurd for anyone to insinuate this president is profiting off of the presidency' because of his history in business. 'All of the [resident's assets are in a blind trust, which is managed by his children,' she said in her press briefing. She blasted suggestions the president was profiting off his office. 'The president is abiding by all conflict of interest laws that are applicable to the president. And I think everybody, the American public, believe it's absurd for anyone to insinuate that this president is profiting off of the presidency. This president was incredibly successful before giving it all up to serve our country publicly, not only has he lost wealth, but he also almost lost his life. He has sacrificed a lot to be here. And to suggest otherwise is, frankly, completely absurd,' she said. The $TRUMP memecoins are sold on exchange markets and the money does not go to Trump directly. But about 80 percent of $TRUMP coins are held by Trump Organization affiliates, meaning if they rise in value so does the president's portfolio. Trump's cryptocurrency also makes money for those groups simply by being traded. For every $TRUMP coin that's traded, a transaction fee is taken. Chainalysis, another cryptocurrency research firm, estimated the memecoin made nearly $900,000 in transaction fees within the first two days of the contest being announced.
Yahoo
3 hours ago
- Business
- Yahoo
$110M Wiped Out: Bitcoin Whale Trader Gets Burned As BTC Tags $104,150
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Pseudonymous crypto trader James Wynn, known for his high-leverage strategies, suffered losses exceeding $110 million after Bitcoin's (CRYPTO: BTC) price slipped below key support levels on Friday. Wynn had taken a bold bet on Bitcoin's upward trajectory, opening a massive $830 million long position on May 21, acquiring over 7,700 BTC at roughly $105,000 per coin. By May 24, he had increased his exposure to 11,588 BTC, pushing his position's value to $1.25 billion at an average cost of $108,243. Don't Miss: Trade crypto futures on Plus500 with up to $200 in bonuses — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – unlock the power of alternative investments including a Crypto IRA within your retirement account. However, the market turned sharply following U.S. President Donald Trump's announcement of a 50% tariff on EU exports, pushing Bitcoin below $105,000 and triggering large-scale liquidations of Wynn's leveraged holdings. According to Hypurrscan, Wynn faced a series of painful liquidations: 527 BTC worth $55 million was wiped out at $104,950, followed by another 422 BTC at $104,150, and a final 95.5 BTC at $104,620. In total, 1,044 BTC were liquidated over the week. Wynn expressed frustration over market integrity, posting on X: "I have exposed just how corrupt these markets are. Guess it's better to just buy and hold BTC on spot." Despite the drawdown, Wynn reportedly maintains a remaining long position of 1,591 BTC, worth approximately $167 million, with a high-risk 40x leverage and a liquidation threshold near $104,530. Read Next: New to crypto? Get up to $400 in rewards for successfully completing short educational courses and making your first qualifying trade on Coinbase. A must-have for all crypto enthusiasts: Sign up for the Gemini Credit Card today and earn rewards on Bitcoin Ether, or 60+ other tokens, with every purchase. Image: Shutterstock Send To MSN: Send to MSN This article $110M Wiped Out: Bitcoin Whale Trader Gets Burned As BTC Tags $104,150 originally appeared on Sign in to access your portfolio
Yahoo
4 hours ago
- Business
- Yahoo
XRP Falls Below 200-day Average, Bitcoin Dips to $105K as Traders Eye Core PCE
The crypto market mood was sombre Friday, with XRP XRP losing key support alongside losses in market leader bitcoin and other major tokens, as traders awaited the Fed's preferred inflation measure, the core PCE. Payments-focused XRP dipped below the 200-day simple moving average (SMA) for the first time since April 10, indicating a strengthening of downward momentum. Prices fell below $2.20, registering 4.6% losses on a 24-hour basis, according to data source TradingView. The decline followed reports of increasing demand for XRP as a corporate Treasury asset. Prices for BTC, the premier digital asset by market value, briefly fell below $105,000 during European hours, extending overnight losses to trade nearly 3% lower on a 24-hour basis. BTC's losses followed a $358 million net outflow from the 11 spot bitcoin exchange-traded funds (ETFs) Thursday, their first since May 13 and highest single-day tally since March 11, according to data source SoSoValue. Renewed trade war fears also weighed over the sentiment. Other majors, such as ETH, SOL, and DOGE, posted larger losses, with smaller tokens like OP, ARB, BONK, and PEPE falling by over 10% each, according to data source Coingecko. Consumer prices, represented by the personal consumption expenditure index, rose 0.15% on a monthly basis in April, bringing the annual inflation rate down to 2.2% from 2.3% in March, according to economists surveyed by FactSet. The core PCE, the Fed's preferred inflation measure, which excludes volatile food and energy prices, is forecast to have risen 0.12% on a monthly basis and 2.5% on an annual basis. Another good month for inflation could raise Fed rate cut bets, boding well for BTC and other assets. "All eyes now turn to the Core PCE data due today, which could reignite bullish sentiment if inflation shows signs of easing," Valentin Fournier, Lead Research Analyst at BRN, said in an email.
Yahoo
6 hours ago
- Business
- Yahoo
Trump's policies risk inflating a new market bubble, BofA says
The Trump administration's policies risk fueling a bubble in parts of the market, BofA said Friday. The firm cites the combination of lower taxes, lower tariffs, and lower rates being pursued by the White House. BofA says the policies could incentivize a pronounced rotation out of bonds into crypto and AI. Bank of America said on Friday that a policy trifecta of lower taxes, lower tariffs, and lower interest rates could fuel a new speculative bubble in markets. The prediction comes as Donald Trump's "big beautiful bill," which would lower taxes among other fiscal measures, sits with the Senate after passing the House of Representatives last week. Meanwhile, Trump continues to pursue trade deals and has ramped up calls for the Fed to lower interest rates. BofA investment strategist Michael Hartnett said that policy could fuel a "deeper" rotation out of bonds and into a handful of areas of the stock market — most notably AI and the high-flying tech names that make up the Magnificent Seven — as well as crypto. Hartnett flagged the relationship between the stock and bond markets as a telltale sign of a bubble forming. An inversion of the classic "bonds master, stocks servant" dynamic has been a mark of past speculative frenzies, with this kind of market behavior seen in 12 of the last 14 bubbles, he noted. The 30-year Treasury touched the highest level since 2008 last week as markets tumbled over fears about the GOP budget bill adding to the US deficit. "Nothing screams bubble more than equities driving nominal/real yields higher," Hartnett wrote. The analysts added that based on past market manias, the Magnificent Seven could see a fresh gain of 30% before the group peaks. The speculation mentioned by Hartnett may already be underway, with so-called low-quality stocks outperforming the broader market over the past few weeks. This dynamic was first pointed out by Bloomberg in a story published Thursday. Illustrating this dynamic, a basket of low-quality stocks compiled by UBS — which counts meme stocks like GameStop and AMC among its components — has handily beaten the S&P 500 since its recent bottom on April 8. Crypto has also seen gains in recent weeks, highlighting the speculative, risk-on mood that's returned as investors work past the tariff chaos that sparked April's big sell-off. Bitcoin is trading at fresh records, hitting an all-time high above $112,000 last week. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
