A high-profile criminal investigation is underway in New York City after an Italian cryptocurrency investor was allegedly kidnapped and tortured for weeks inside a multimillion-dollar SoHo townhouse. Police say the victim, a 28-year-old man from Italy, was held captive beginning May 6 after being lured to the United States under false pretenses.
Authorities arrested 37-year-old John Woeltz, a crypto entrepreneur from Kentucky, at the Prince Street address on Friday. He was taken into custody wearing a bathrobe and no shoes. Woeltz has been charged with kidnapping, assault, unlawful imprisonment, and criminal possession of a firearm. He is being held without bail, and his next court appearance is scheduled for May 28. Investigators believe he lived at the property where the crimes occurred.
A second suspect, a Swiss cryptocurrency investor, has been named a person of interest and is expected to turn himself in this week. Police also detained a female associate at the scene, but the Manhattan District Attorney’s Office has declined to prosecute her at this time. Two butlers working at the residence have also been interviewed.
According to investigators, the victim had previously been involved in cryptocurrency ventures with individuals now accused of detaining him. Upon arrival in New York, the victim was allegedly brought to the Prince Street townhouse, where he says he was stripped of his passport and held against his will for approximately two weeks. Police described the residence as a high-end rental, estimated to cost between $30,000 and $75,000 per month, outfitted with items including night vision goggles, helmets, weapons, and a bulletproof vest.
The victim told authorities he was subjected to physical and psychological torture as his captors attempted to extract the password to his cryptocurrency accounts. He reported being tied to a chair, electrocuted, pistol-whipped, and threatened with a chainsaw. Investigators say the suspects took Polaroid photographs during the abuse, one of which depicted the man tied up with a gun pressed to his head. He was also allegedly forced to take drugs and had an AirTag device placed around his neck to monitor his location.
The ordeal ended Friday morning when the victim managed to escape and flagged down a traffic agent for help. Police say the scene inside the residence included broken glass, blood, crack cocaine, and a firearm. A search warrant has been requested for a more extensive examination of the property.
This case is the latest in a growing number of violent crimes in the United States linked to cryptocurrency. In 2019, a New Jersey investor was kidnapped at gunpoint and forced to transfer digital assets after being lured into a meeting with a fraudulent buyer. In 2021, a Florida man was sentenced to prison after hiring a hitman on the dark web using cryptocurrency to try to kill a romantic rival. And in 2022, a Los Angeles crypto investor was assaulted in a parking garage and had over $1 million worth of Bitcoin stolen at gunpoint.
As digital assets continue to grow in popularity and value, law enforcement agencies are facing new challenges in tracking crimes that often combine sophisticated cyber tactics with traditional violent methods. The SoHo case exemplifies this convergence and raises ongoing concerns about the risks associated with holding large, untraceable sums of wealth in the form of cryptocurrency.
Authorities continue to search for additional suspects in connection with the SoHo investigation. The victim remains hospitalized with serious injuries.
—By Greg Collier
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