Crypto Investor Arrested for Brutal NYC Kidnapping and Bitcoin Extortion

• Woeltz, accomplice arrested after torturing tourist for bitcoin access
• Police find photos of victim with gun, signs of extensive abuse
• Growing crime trend targets crypto-wealthy individuals across regions

A crypto investor and his accomplice have been arrested for the kidnapping and torture of an Italian tourist in Lower Manhattan. John Woeltz, 37 and a 24-year-old woman were arrested on Friday. Authorities reported that Woeltz had held the tourist captive for more than two weeks as he attempted to access his financial accounts, such as his Bitcoin wallet.

The victim, who arrived in New York City from Italy in early May, was abducted on May 6. According to the charges, Woeltz and his accomplice locked him up in an expensive SoHo apartment and physically abused him. Prosecutors stated that Woeltz used electric shocks, beat the victim and threatened to kill him unless he provided his Bitcoin password.

The Manhattan District Attorney’s Office reports that Woeltz and the accomplice tried to extort the victim’s digital assets. In an attempt to force him to reveal his crypto assets the victim was tied and tortured.  Woeltz reportedly held the victim over a ledge and threatened to end his life if he failed to cooperate.

Bitcoins Bitcoin Extortion Victim Escapes Kidnappers

On Friday, the victim was able to escape from the kidnappers after convincing Woeltz that he would hand over his Bitcoin password. He stopped a police officer on the road, who immediately took him to the hospital.

Authorities searched the apartment and found a firearm, ammunition, cocaine and torture tools. Additionally, Police discovered Polaroid pictures of the abuse. The evidence confirmed the seriousness of the crime.

Woeltz was arraigned in Manhattan Criminal Court and charged with kidnapping, assault, unlawful detention and illegal possession of a firearm. The court denied Woeltz bail and ordered him to be held. The accomplice was also charged with first-degree kidnapping and unlawful detention.

Bitcoins Spike in Violent Crypto Crimes

The case shows that more crypto holders are targeted in violent crimes. Experts believe that as digital assets increase in value, they draw more attention from criminals. This case follows recent attempts to extort high-networth crypto investors in Europe and the U.S.

Woeltz, an ex-member of the Grin crypto project, was involved in creation of privacy-focused cryptocurrencies. Woeltz’s crypto ties have raised concerns about the dangers faced by high-profile digital assets investors because of his involvement in the Grin project.

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