Wealthy Cryptocurrency Entrepreneur Allegedly Subjects Victim to Torture in Quest for Bitcoin Access in Brutal New York Incident

In a chilling turn of events, a crypto investor in New York, known as the "Crypto King of Kentucky," stands accused of kidnapping an Italian tourist and subjecting him to horrific torture to extract Bitcoin credentials. The disturbing case has sent shockwaves through the law enforcement community, pointing to a surge of brutal crimes orchestrated by crooks desperate to get their hands on digital money.

John Woeltz, a 37-year-old early adopter of cryptocurrency and estimated to be worth over $100 million, is now facing serious charges for allegedly imprisoning and torturing 28-year-old Michael Carturan. Police claim that the victim was enticed to a luxurious eight-bedroom Manhattan townhouse, under the guise of a business meeting. However, the encounter soon spiraled into a three-week nightmare of electrocution, beating, urination, and being hung off a balcony, all in an attempt to force the tourist to reveal his Bitcoin wallet details.

Woeltz, who boasts a portfolio of high-end properties and has previously invested in projects like HyperCash and Grin, was arrested on May 23, following the victim's daring escape. During a raid of the townhouse, police discovered cocaine, night vision goggles, ammunition, a saw, and shocking Polaroid photographs depicting a gun pointed at Carturan's head. Most disturbingly, an AirTag was found on the victim, hinting at constant surveillance, while investigators noted visible wounds on him that were consistent with electrical burns, blunt force trauma, and cuts from a saw.

Globally, there seems to be an alarming trend of cryptocurrency-linked kidnappings on the rise. In Europe alone, government authorities investigate several cases where digital assets serve as the driving forces behind violent crimes. Paris witnessed an attempted kidnap of a cryptocurrency CEO's daughter in May 2025, following other high-profile incidents. Furthermore, two men in France lost their fingers in a failed ransom attempt, while a Spanish crypto broker narrowly escaped his captors after being held for over 48 hours.

As experts warn, these incidents are not isolated incidents, and as the worth of cryptocurrency portfolios continues to swell, so does the risk for investors. Unlike traditional bank accounts, access to wallets typically hinges on private keys or seed phrases - sensitive information vulnerable to theft if not adequately secured.

In light of these harrowing events, experts call for stronger personal and digital security measures among high-net-worth crypto investors. Recommendations range from hardware wallet encryption, multi-signature wallets, and cold storage. As Woeltz remains in custody awaiting his next Manhattan court appearance, police continue their search for a second suspect on the run, and warnings about the very real dangers of neglecting security measures echo louder than ever.

The distressing kidnap and torture of an Italian tourist, carried out to obtain Bitcoin credentials, has sparked widespread concern in the realm of crypto trading and finance.
According to reports, the accused, John Woeltz, dubbed the "Crypto King of Kentucky," has a portfolio worth over $100 million and has invested in digital currencies like HyperCash and Grin.
In addition to drugs, night vision goggles, and ammunition, police found an AirTag on the victim, suggesting constant surveillance, and disturbing Polaroid photographs during a raid of Woeltz's Manhattan townhouse.
The alarming trend of cryptocurrency-related kidnappings is not confined to the United States, as several similar cases have been investigated by European authorities.
To mitigate the risks associated with increasing crypto portfolios, experts urge investors to prioritize stronger security measures, such as hardware wallet encryption, multi-signature wallets, and cold storage.
As the general news and crime-and-justice communities grapple with the escalating issue of digital money-driven crimes, the importance of securing private keys and whether Wioltz's case serves as a cautionary tale for all high-net-worth investors cannot be overstated.