Crypto Investor Accused of Torturing Man in Manhattan Over Bitcoin Password

A cryptocurrency investor was arrested in Manhattan after allegedly kidnapping and torturing a man for weeks to force him to reveal his Bitcoin password, prosecutors said.

John Woeltz, 37, was taken into custody Friday night after the victim escaped from an upscale eight-bedroom townhouse and flagged down a traffic officer for help, AP News said.

The victim, 28, had been held captive since May 6, according to court records.

The victim, who traveled from Italy to New York City in early May, told authorities he was bound by the wrists and subjected to severe abuse.

Prosecutors say Woeltz and others held him hostage, drugged him, shocked him with electric wires, and struck him in the head with a firearm.

At one point, the captors threatened to kill the victim by dangling him over a ledge unless he gave up his Bitcoin password.

Fearing for his life, the victim finally agreed to give up his password, stored on a laptop in another room. When Woeltz turned away, the victim ran from the apartment to safety.

The victim was taken to a hospital for treatment, with injuries consistent with his claims of assault and unlawful imprisonment.

Prosecutors Reveal Unidentified Accomplice in Bitcoin Wallet Theft Plot

Prosecutor Michael Mattson told a judge during Saturday's arraignment that Woeltz faces charges of kidnapping, assault, unlawful imprisonment, and criminal possession of a firearm.

Woeltz was ordered held without bail and required to surrender his passport due to concerns he might flee, especially since he reportedly owns a private jet and helicopter. He is scheduled to return to court next week.

According to CNN, authorities also found disturbing evidence in the townhouse, including cocaine, a saw, chicken wire, body armor, night vision goggles, ammunition, and Polaroid photos showing the victim with a gun pointed at his head.

According to court documents, others were involved in the crime, including an unidentified male still at large. Prosecutors said the group aimed to empty the victim's Bitcoin wallet.

Woeltz's lawyer, Wayne Gosnell, declined to comment.

This case highlights the dangerous lengths some criminals may go to in the high-stakes world of cryptocurrency, where digital assets like Bitcoin are highly valuable but often difficult to trace or recover.

Neighbors in the upscale Manhattan neighborhood were shocked to learn of the crime unfolding in their midst.

"This is the kind of thing you expect in movies, not on our block," said a local resident who wished to remain anonymous.

Originally published on vcpost.com