NYC crypto trader charged with kidnapping and torturing Italian man, allegedly threatened to kill the victim’s family, according to prosecutors.

A 37-year-old cryptocurrency trader has been charged with kidnapping and torturing a 28-year-old Italian man in a disturbing case that has drawn the attention of law enforcement and media alike. The alleged perpetrator, John Woeltz, stands accused of shocking the victim with electric wires, hanging him upside down from a staircase, and threatening violence against his family—all in a bid to extract the password to the victim’s Bitcoin account.

Details emerged in a Manhattan Criminal Court on Saturday, where a judge ordered Woeltz to be held without bail as police seek additional suspects involved in the crime. A 24-year-old woman, identified as an accomplice, was arrested late Friday; however, prosecutors have not yet filed charges against her.

The plot was uncovered when the victim, who had arrived in the United States on May 6, managed to escape from Woeltz’s luxury apartment located at the intersection of Prince and Mulberry Streets. The victim approached an NYPD traffic enforcement agent, who promptly alerted the police. Officers apprehended Woeltz inside the apartment, where he was reportedly found wearing a plush white bathrobe, while the victim had been held captive for three weeks.

Upon their arrival, law enforcement officials discovered disturbing evidence in the apartment, including Polaroid photographs showing Woeltz and his accomplices engaging in acts of torture against the victim. Police sources indicate that Woeltz refused to provide information and quickly sought legal counsel upon his arrest.

Prosecutors detailed a harrowing account of the victim’s experience, stating that upon his arrival, Woeltz and an unidentified accomplice seized the victim’s passport and electronic devices while demanding access to his cryptocurrency accounts. The victim’s refusal led to a series of violent assaults, including beatings with electric wires and threats that his family would be harmed if he did not comply.

Woeltz is known in the cryptocurrency community, having spoken at various conferences and claiming to possess nearly a decade of experience in technology startups in Silicon Valley. His male accomplice remains at large, and authorities are continuing their investigation into the incident.

This case highlights the darker side of the burgeoning cryptocurrency landscape, illustrating the potential for violence and exploitation within the domain. As investigations unfold, the legal implications for those involved are expected to be significant, reflecting broader concerns over criminal activities linked to digital currencies. The shocking events have generated widespread interest, calling attention to the need for greater regulatory measures within the cryptocurrency sector.

The situation remains fluid as more details emerge, and updates from the legal proceedings are anticipated in the coming days.