Shocking Kidnapping Case in Manhattan
A shocking kidnapping occurred in Manhattan when a man was abducted. According to the Associated Press report, the victim was beaten and forced to reveal his Bitcoin wallet password. The 28-year-old Italian national was lured to a house with a promise to recover the Bitcoin transferred to Woeltz. The kidnapper was John Woeltz, 37, a cryptocurrency investor. He was arrested after the victim escaped and sought help from a traffic police officer. The victim was taken to Bellevue Hospital in stable condition.
John Woeltz Faces Multiple Charges
Woeltz appeared in court in Manhattan on Saturday after being arrested on Friday. He was charged with kidnapping, assault, unlawful detention, and illegal weapon possession. Woeltz rented an apartment in Soho for $30,000 per month to hold the victim. He reportedly owns a 150-acre land in Kentucky and has assets worth $100 million, although the source of his wealth is unclear. He may work in blockchain security and be involved with an investment fund focused on cryptocurrency. The court decided he would be held without bail.
Victim Beaten and Tortured
The kidnapping was part of a larger plan involving another unapprehended man. The victim was tied up, tortured, and threatened with death until he provided the password. Police found evidence including cocaine, saws, metal wire, body armor, night vision goggles, ammunition, and Polaroid photos showing the victim with a gun pointed at his head. Woeltz was required to surrender his passport due to flight risk and will return to court next week.
Rise of Violent Attacks
In another case, New York prosecutors charged Michael Lauchlan and Gary Zaydman with operating a fraudulent cryptocurrency recovery business, Coin Dispute Network. They were accused of stealing from customers through fake advertisements and hiring actors to play satisfied customers. These incidents reveal an increasing trend of violent attacks where victims are forced to hand over passwords. Security experts note that cryptocurrency-related attacks are rising in 2025, with over 26 cases recorded from kidnappings to home invasions.
