Crypto entrepreneur arrested for kidnapping and torturing his ex-business partner with chainsaw and cocaine

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Despite being physically injured, the victim managed to escape from captivity and reach the police.

A Kentucky crypto entrepreneur has been arrested and faces severe charges after allegedly kidnapping and torturing an Italian tourist with a chainsaw and other brutal methods to force him to hand over crypto account passwords, police sources told the New York Post.

The suspect, John Woeltz, was taken into custody on Friday after the Italian victim made an escape from a luxury SoHo townhouse, where he had allegedly been held captive and abused for more than two weeks.

The man managed to break free from his restraints, flee the residence, and flag down a nearby police officer to report the torture. Sources said he made the move fearing he would be killed on Friday.

The 28-year-old victim told investigators he was Woeltz’s former business partner, but a falling out led him to leave the country.

He flew back to the US on May 6, reportedly at Woeltz’s urging, and went straight to the brownstone on Prince Street, where the ordeal began.

Chainsaw, Polaroids, and blood found at scene

Once police received the report, officers from the 5th Precinct rushed to the Prince Street property and uncovered a chilling scene with bloodstains, broken furniture, and disturbing evidence strewn throughout the multi-million-dollar rental.

There was a Polaroid photo showing the victim bound and gagged with electrical cords, and a picture of him tied to a chair with a gun pointed at his head, according to investigators.

The victim had been allegedly Tased, pistol-whipped, and forced to take cocaine, while Woeltz threatened to cut off his limbs with an electric chainsaw unless he handed over access to his crypto holdings.

Police also recovered several items from the scene, including a chainsaw with apparent blood residue, a bulletproof vest, night vision goggles, and a firearm. An Apple AirTag was allegedly placed around the victim’s neck to track his movements and deter escape.

The victim was transported to Bellevue Hospital for treatment, where his condition was confirmed to be stable.

Woeltz was arrested at the scene, reportedly wearing a bathrobe. A number of charges are being brought against him, including two counts of second-degree assault, a first-degree kidnapping, an unlawful imprisonment in the first degree, and criminal possession of weapons in the first degree.

NYPD police officers remove John Woeltz, 37 from a home on Prince St. near Mulberry St. in Manhattan on Friday, May 23, 2025, after an Italian man claimed he was held against his will at the location for 3 weeks.https://t.co/8SVK0hX7uq pic.twitter.com/rFhWuapyXr

— ꧁????????????????????????????????????♱꧂ (@Eilatan87) May 24, 2025

Police have also arrested Beatrice Folchi, believed to be involved in the kidnapping and torture. A third male suspect remains at large, with law enforcement actively searching for him.

Investigators are also interviewing two butlers who worked in the Prince Street townhouse and may have witnessed some aspects of the crime.

Who is John Woeltz?

Before his name surfaced in connection with the shocking kidnapping and torture case in Manhattan, Woeltz was known in crypto circles as a security-minded developer and early adopter of digital assets.

A former core team member of Grin, a privacy-focused crypto project, Woeltz played an important role in its early development. He officially joined the Grin core team in March 2020 after helping organize the project’s first security audit.

He also appeared publicly at Grincon 2019, where he spoke about the risks that privacy projects face without rigorous security practices.

Despite his prior visibility, his GitHub activity appears to have dropped off after 2020, and his current affiliation with Grin is unclear.