10 December 2025
A Manhattan crypto investor is facing serious charges following the shocking kidnapping and assault of an Italian man in an attempt to gain access to digital assets. John Woeltz, 37, was arraigned in Manhattan Criminal Court on Saturday, shortly after his arrest on Friday. He is accused of holding a 28-year-old Italian man captive for weeks in a luxury Soho townhouse that was reportedly rented for $30.000 a month.
According to police reports, cited by the New York Times, the victim arrived in the U.S. on May 6 and was allegedly abducted by Woeltz and an accomplice. The attackers allegedly stole the man’s passport and electronic devices and demanded his Bitcoin wallet password. When he failed to comply, he endured prolonged physical abuse.
The victim described a horrific experience in which he was beaten, shocked with electricity, threatened with guns and even left hanging from the upper floors of the five-story building. He told police that Woeltz used a saw to cut his leg and forced him to smoke crack cocaine. Threats were also made against his family.
Photographic evidence found in the home, including Polaroids, appears to support the allegations of ongoing abuse. The victim managed to escape on Friday and alerted authorities, leading to Woeltz’s arrest. He has been charged with four felonies, including kidnapping for ransom, and has pleaded not guilty. Judge Eric Schumacher ordered him held without bail. He is due back in court on May 28.
A 24-year-old woman was also arrested on Friday in connection with the incident. However, she was seen in New York the next day, and no charges have been found against her in the court's online database. Authorities have not yet said what the relationship between the suspect and the victim is, or whether there is any actual cryptocurrency has been stolen.
Crypto executives and investors are increasingly seeking personal security services as kidnappings and extortion rise, particularly in France. On May 18, Amsterdam-based private firm Infinite Risks International reported a surge in requests for bodyguards and long-term protection contracts from prominent figures in the industry.
In response to this growing threat, French authorities have introduced enhanced security measures for crypto entrepreneurs and their families, including security briefings and priority police assistance. This comes amid a recent surge in kidnappings and extortion attempts. David Balland, the co-founder of the hardware wallet maker Ledger, was kidnapped in January 2025 and held for ransom for several days before being rescued by French police.
In May 2024, the father of an unknown crypto entrepreneur was freed from an extortion situation after French law enforcement raided the location in a Paris suburb where he was being held by organized criminals.
These incidents paint a worrying picture of the dangers crypto investors currently face. The rising demand for security reflects not only the risky nature of digital assets, but also the willingness of criminals to use violence to gain access to these valuable resources. It is crucial that the crypto community pays attention to these developments, both for their own safety and for the trust in the sector.
What are the main allegations against John Woeltz?
John Woeltz is accused of kidnapping for ransom and multiple counts of violence, including physical abuse and threats against the victim and his family.
What are the responses of the authorities in France to the increasing number of incidents?
French authorities have introduced enhanced security measures for crypto entrepreneurs, such as security briefings and faster access to police assistance.
How can the crypto industry protect itself from these threats?
Crypto executives are encouraged to engage security services and take preventive measures such as security briefings and storing valuable digital assets in secure environments.
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