A shocking kidnapping case took place in Manhattan, where a man was held hostage. As reported by Associated Press, in an attempt to get access to his Bitcoin wallet, the victim was beaten and forced to hand over the password.
The victim was abducted on May 6, but his name has not been made public. The 28-year-old Italian national was tricked into coming to the home with the promise of recovering Bitcoin he was forced to send to Woeltz.
The kidnapper was 37-year-old John Woeltz, a crypto investor. He was arrested after the victim escaped from the eight-bedroom townhouse and got help from a passing traffic officer. He was taken to Bellevue Hospital in stable condition.
John Woeltz Faces Multiple Charges
Woeltz was presented on Saturday in Manhattan criminal court after his arrest on Friday. He was charged with kidnapping, assault, unlawful imprisonment, and illegal possession of a gun. He rented the Soho apartment for $30,000 a month, where the victim was held.
Woeltz reportedly owns a 150-acre property in Kentucky and is said to be worth $100 million, though it’s not clear how he made his fortune. Sources say he worked in blockchain security and may have been involved in a crypto-focused hedge fund.
The court decided that he will stay in custody without bail. It’s not clear whether the kidnapper and victim knew each other.
Victim Drugged, Tortured For Weeks
The kidnapping was part of a larger plan involving others, including a man who has not been caught yet. The victim was tied up, tortured, drugged, shocked with electric wires, and even hit in the head with a gun. At one point, the kidnappers threatened to kill him by hanging him over a stairwell if he didn’t give up his password.
The police found evidence of cocaine, a saw, chicken wire, body armor, night vision goggles, ammunition, and Polaroid photos showing the victim with a gun to his head in the townhouse. Woeltz was asked to hand over his passport since he could escape. He is set to appear in court again next week.
Violent Assaults On Rise
In another case, New York prosecutors charged two guys, Michael Lauchlan and Gary Zaydman, for running a scam with their crypto recovery business, Coin Dispute Network. They were accused of stealing from customers by using fake ads and using actors to pose as happy clients.
These kinds of incidents reveal the growing trend of violent assaults, where victims are forced to hand over their passwords. Security experts say that crypto-related attacks are on the rise in 2025. Over 26 cases were traced this year, from kidnappings to home invasions.
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