A wealthy cryptocurrency investor has been arrested in New York and charged with masterminding a disturbing kidnapping scheme targeting an Italian tourist. Authorities allege 37-year-old John Woeltz, along with a 24-year-old female accomplice, held the victim captive in a luxury SoHo apartment where he was beaten and tortured in a bid to access his multimillion-dollar crypto holdings.
The ordeal began on May 6, when the victim arrived under the impression he was meeting to discuss a business opportunity. Instead, he was ambushed, physically restrained, and subjected to weeks of escalating abuse. Investigators say Woeltz’s goal was to extract private keys to the victim’s cryptocurrency wallets.
Police recovered photos showing Woeltz allegedly pointing a gun at the victim’s head, along with other images documenting the abuse. The victim escaped on May 23—just days before he believed he would be killed.
Woeltz and his alleged accomplice, Beatrice Folchi, were arrested shortly after the escape. At a Saturday arraignment in Manhattan, Woeltz was denied bail. Prosecutors continue to investigate what they are calling one of the most extreme crypto-related crimes in recent memory.
From Early Bitcoin Advocate to Alleged Violent Offender
John Woeltz was once a respected figure in the crypto world. Records show he was an early Bitcoin adopter in 2011 and later joined the development teams for projects like HCash (now HyperCash) and Grin, where he helped organize the project’s first security audit. His GitHub activity appears to have gone dormant in 2020.
Now, Woeltz faces charges that include two counts of second-degree assault, and one count each of first-degree kidnapping, unlawful imprisonment, and criminal possession of a firearm. Folchi faces related charges tied to kidnapping and imprisonment.
Their arrests highlight a growing trend of violent attacks on high-net-worth crypto holders—a reflection of how personal security risks are rising alongside digital asset valuations. Similar incidents have occurred in London, Paris, and Las Vegas in recent months, raising alarm among investors and law enforcement alike.
As the case unfolds, Woeltz’s fall from crypto builder to alleged perpetrator of a brutal extortion plot underscores the darker risks emerging from the high-stakes world of digital finance.
Quick Facts
- John Woeltz, a cryptocurrency investor, has been arrested and charged with kidnapping and torturing an Italian tourist in a Manhattan apartment.
- The victim was held captive for weeks and subjected to severe physical abuse in an attempt to extract his Bitcoin password.
- Beatrice Folchi, Woeltz’s assistant, was also arrested and charged in connection with the case.
- Woeltz is being held without bail and faces serious charges that could result in 15–25 years in prison.
