Crypto millionaire kidnaps and tortures Italians in New York: shock case!

Crypto millionaire kidnaps and tortures Italians in New York: shock case!

The New York authorities are currently dealing with a serious case of kidnapping and torture. A 37-year-old crypto investor from the USA, John Woeltz, has been in court since Saturday. He is accused of kidnapping a 28-year-old Italian tourist and brutally abusing him for over three weeks in order to extort the password for his Bitcoin wallet. According to Kosmo, the Italian managed to voluntarily follow the investor in New York at the beginning of May after he had been lured in advance with the promise of getting back previously blackmailed Bitcoins.

Woeltz, who is known as “cryptoking” and has an estimated net worth of around $100 million, apparently turned his luxury Manhattan apartment into a torture chamber. According to reports from t-online, the investor exposed his victim not only verbally but also physically. Beatings, electric shocks and multiple threats against the Italian's life were used to obtain the requested information.

Torture and escape

The Italian was tied up and threatened with a weapon during his kidnapping. Woeltz and an accomplice went so far as to cut off the victim's limbs with a chainsaw if information about the Bitcoin accounts was not revealed. At a crucial moment on May 6, while Woeltz was leaving the apartment, the victim managed to escape. When he escaped he was left with cuts and bruises and contacted a traffic police officer who informed the police. Kosmo also reports that a firearm and documentation of the torture were found during the search of the apartment.

The police were later able to arrest Woeltz and his alleged accomplice, while a third person involved in the crime remains at large. Woeltz's financial strength is further supported by his ownership of luxury items such as a private jet and a helicopter. He was denied bail due to the risk of absconding.

Crypto crime in focus

This incident highlights the growing threat of crypto-crime. According to the Federal Printing Office, companies are often the main victims of this form of crime, but usually only after extensive ransomware attacks or data sabotage. Investigators face the challenge of persuading victims to come forward as many companies hesitate for fear of disrupting their operations. The Woeltz case highlights the danger that crypto-crime can pose even to private individuals and highlights the need for increased vigilance among both users and investigative authorities.

Cryptocurrency developments show that Bitcoin remains dominant, while new currencies with stronger privacy mechanisms could complicate investigators' work. The case will continue to be debated against the sudden need for security measures and legal frameworks.