John Woeltz was released on $1 million bail after allegedly kidnapping and torturing an Italian Bitcoin investor for 17 days in Manhattan.
By José Rafael Peña Gholam
Editor Marco T. Lanz
Updated
3 mins read
John Woeltz, a 37-year-old crypto entrepreneur and one of the suspects in the crypto horror case in New York, was released from Rikers Island jail this week after posting a $1 million bond. Woeltz is accused of kidnapping and torturing an Italian Bitcoin investor in a Manhattan townhouse. The decision comes two months after his arrest, following a case that has highlighted the growing physical dangers associated with crypto wealth.
Woeltz, initially held without bail, appeared in a Manhattan courtroom last week as Judge Gregory Carro set bail at $1 million for both suspects. Court reports show that the bond cannot be paid in cryptocurrency, and if posted, the defendants must remain under home confinement. Woeltz was able to secure his release, while Duplessie, who has pleaded not guilty alongside Woeltz to charges of kidnapping, assault, and possession of a firearm, remains in custody.
Defense lawyers have attempted to downplay the severity of the alleged conduct, describing it as “fraternity-like hazing,” a characterization prosecutors dispute, highlighting the violence and premeditated nature of the attack. Both suspects are set to return to court on October 15 as the Manhattan District Attorney’s office continues its investigation.
According to police and court documents, Woeltz, along with his alleged accomplice William Duplessie, 33, held Michael Valentino Teofrasto Carturan captive for 17 days in a luxury SoHo townhouse. Prosecutors say the men were attempting to obtain the password for Carturan’s multimillion-dollar Bitcoin holdings. The incident, described in court as a calculated abduction, began on May 6, 2025, when Carturan arrived in New York from Italy after being invited by Woeltz to resolve a financial dispute.
Carturan, a 28-year-old Italian national and cryptocurrency trader, told authorities he was ambushed upon entering the property. He was allegedly bound, beaten, pistol-whipped, shocked with wires, and subjected to repeated threats. Prosecutors further allege he was forced to take drugs and humiliated as his captors demanded access to his Bitcoin wallet, reportedly holding more than $30 million worth of cryptocurrency. He managed to escape on May 23, 2025, and notify the police.
This case wasn’t the only case of kidnapping to steal crypto this year. One of the most significant cases this year was the abduction of a co-founder of Ledger, David Balland, who was kidnapped on January 21, 2025, in France.
With the increasing price of crypto assets, the danger to crypto investors is increasing, leading them to enhance their personal security measures. These investors are closely following the developments of these cases of violence to steal crypto wealth, to determine which precedent will be set in each country against these crimes.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of experience in the industry. He wrote at top outlets like CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates news, analysis, and educational content for global audiences in both Spanish and English.
