Two NY crypto investors are accused of kidnapping and torturing an Italian man to access his Bitcoin wallet. How could this happen in broad daylight?
In a new bizarre case in the US, two American crypto investors stand accused of orchestrating a harrowing kidnapping and torture scheme in the heart of Manhattan.
The alleged victim, reportedly an Italian national Michael Valentino Teofrasto Carturan, reportedly endured nearly three weeks of brutal captivity in a luxury SoHo townhouse. What happened? Well, the two were eager to gain access to his multimillion-dollar Bitcoin fortune.
Bitcoin Investor Kidnapping
According to BBC, the Italian arrived in New York City on May 6, 2025. He came to resolve a financial dispute with former business associate John Woeltz, a 37-year-old crypto entrepreneur from Kentucky. Upon arrival at the opulent 17-room townhouse at 38 Prince Street—rented for $75,000 per month—Carturan was allegedly ambushed by Woeltz and his accomplice William Duplessie, 33, a Florida-based crypto investor with ties to Switzerland.
According to court documents seen by AP, Carturan was stripped of his passport and electronic devices, bound with electrical cords, and subjected to torture. These included electric shocks administered while his feet were submerged in water, pistol-whipping, forced ingestion of crack cocaine, and threats involving a chainsaw. At one point, he was reportedly dangled over a stairwell ledge as his captors demanded the password to his Bitcoin wallet.
The Victim Escapes
After enduring 17 days of captivity, the victim managed a dramatic escape on May 23. He fled the townhouse barefoot and bloodied, flagging down a nearby NYPD traffic officer. Surveillance footage captured the moment, showing a visibly distressed Carturan seeking help.
🤙🏽Facts Dude Drop: Crypto Trader Tortures Italian For Bitcoin In NYC Nightmare
John Woeltz, was busted for kidnapping a man for 17 days. The Italian tourist was beaten, shocked with wires, and pistol-whipped for his bitcoin password.
pic.twitter.com/eFb1iadniq— The Facts Dude (@The_Facts_Dude) May 27, 2025
Inside the townhouse, investigators discovered incriminating evidence: a saw, crack cocaine, body armor, night vision goggles, ballistic helmets, and Polaroid photos depicting Carturan bound and held at gunpoint. Blood stains were also found throughout the residence.
The Suspects: Another Crypto King
John Woeltz, dubbed the “Crypto King of Kentucky,” was arrested shortly after Carturan’s escape. He faces multiple charges, including:
- first-degree kidnapping,
- assault,
- unlawful imprisonment,
- criminal possession of a firearm.
Woeltz is being held without bail, with prosecutors citing his substantial wealth and access to private air travel as reasons for concern regarding his potential flight risk.
John Woeltz – $100M net worth, investor, businessman, murderer…
He kidnapped Michael Valentino and tortured him for 17 days.
"Tied to a chair, forced to take drugs, threatened with a chainsaw", — all to get $30M
Here's the full story. Trigger Warning: sensitive content 🧵👇 pic.twitter.com/Lp7WH2sQ03
— Dead In Sol (@deadinsol) May 25, 2025
William Duplessie surrendered to authorities on May 27. He faces similar charges and is also being held without bail. Duplessie, co-founder of the now-defunct Pangea Blockchain Fund, has a history of financial and legal troubles, including lawsuits over unpaid debts and a pending case in Switzerland.
A third individual, 24-year-old Beatrice Folchi, was initially arrested but later released without charges pending further investigation. Folchi, originally from Italy, has a background in luxury branding and acting.
Broader Implications
This case highlights a disturbing trend in the cryptocurrency world: the physical targeting of individuals for their digital assets. As more investors store significant wealth in cryptocurrencies, often secured by personal knowledge or physical devices, they become increasingly vulnerable to theft and violence. Law enforcement agencies are increasingly encountering such attacks, where victims are physically forced to divulge access to their crypto holdings.
The investigation into this case is ongoing, with authorities not ruling out the possibility of additional suspects or charges. Both Woeltz and Duplessie are scheduled for upcoming court appearances, where they face the prospect of lengthy prison sentences if convicted.
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