Crypto Investor Accused of Kidnapping and Torturing Italian Tourist in Manhattan for Account Passwords

A disturbing case has emerged from New York City, where a cryptocurrency investor from Kentucky, John Woeltz, faces charges for allegedly torturing a 28-year-old Italian tourist in a high-end Manhattan apartment. Authorities claim the 37-year-old held the man captive for over two weeks in a violent attempt to extort cryptocurrency account passwords. The victim, bloodied and bruised, escaped the SoHo residence on Friday morning, alerting police and triggering a swift investigation into the horrific ordeal.

The incident unfolded at a luxurious Prince Street apartment, reportedly rented by Woeltz for $30,000 to $40,000 a month. Police sources revealed that the tourist, who arrived in New York on May 6 for what he believed was a business meeting tied to prior dealings with Woeltz, was immediately overpowered. His passport was seized, and he was bound with electrical wire, marking the start of a grueling captivity.

Over the following weeks, the victim endured relentless torture, including being Tased while his feet were submerged in water, pistol-whipped, and threatened with an electric chainsaw. Authorities also discovered an Apple AirTag placed around his neck, likely to track any escape attempts. The man suffered a notable arm wound, believed to be from the chainsaw, alongside other injuries that required treatment at Bellevue Hospital.

Evidence of a Calculated Crime

Investigators uncovered chilling evidence at the scene, including Polaroid photos scattered throughout the apartment depicting the victim bound and tortured. One image showed him tied to a chair with a gun to his head, suggesting the photos may have been intended to extort money from the victim or his family in Italy. The apartment, described by sources as a makeshift torture chamber, contained broken glass, night vision goggles, a bulletproof vest, and a firearm, all in plain sight. These findings underscored the calculated nature of the alleged scheme, which police believe was driven by a dispute over cryptocurrency assets potentially worth millions.

Woeltz, a former member of the Grin cryptocurrency core team who presented at GrinCon U.S. in 2019, was arrested alongside 24-year-old Beatrice Folchi of Manhattan. Woeltz faces charges including second-degree assault, first-degree kidnapping, first-degree unlawful imprisonment, and criminal possession of a weapon. Folchi was charged with first-degree kidnapping and unlawful imprisonment. Two other individuals, believed to be employed by Woeltz, were being questioned by police. The NYPD’s Emergency Service Unit conducted a thorough search of the premises to ensure no additional victims were present.

The victim’s escape was a desperate act, driven by his belief that Friday would be his last day alive. His flight to safety shocked the quiet SoHo neighborhood. Local photographer Ciaran Tully, who witnessed Woeltz’s arrest, described the scene as the strangest he had encountered in the area. A nearby jewelry vendor, choosing to remain anonymous, noted a “weird vibe” from the group occupying the apartment, though he never suspected the extent of the alleged crimes.

This case has drawn attention to Woeltz’s background in the crypto world, where he contributed to a security audit of Grin’s secp256k1-zkp library, focusing on cryptographic operations and ring signature security. While his technical expertise was once respected, the allegations now paint a starkly different picture. As the investigation continues, authorities are working to uncover the full scope of the operation and any additional motives behind this harrowing crime.

This case adds to a recent string of violent crypto related kidnappings and crimes across the world. In France, for example, several recent kidnappings have targeted individuals with cryptocurrency holdings, while similar incidents have occurred elsewhere. As crypto becomes more mainstream and rising prices elevate the value of digital assets, individuals are increasingly becoming targets for such brutal schemes, highlighting the growing risks tied to the industry’s expansion.