John Woeltz Crypto Scandal: Shocking Details Behind the Crypto Kidnapping Case

2025-05-24

37-year-old crypto entrepreneur John Woeltz was arrested in New York City after allegedly torturing a man for more than two weeks inside a luxury Manhattan apartment.

The crypto kidnapping case, now under intense investigation, has raised serious concerns about the dark edges of digital finance and the hidden lives of those who operate in its shadows.

A Frightening Escape

John Woeltz Crypto.

The case came to light on the morning of May 23, when a 28-year-old Italian tourist, bloodied and visibly shaken, approached a traffic enforcement officer in Manhattan. He claimed he had been held captive and tortured for over two weeks in an upscale SoHo apartment.

The victim had reportedly arrived in New York on May 6 after being lured by Woeltz, with whom he had prior business dealings related to cryptocurrency.

Police responded swiftly and discovered a scene that officers later described as “deeply disturbing.”

The apartment was filled with evidence of extended abuse: Polaroid photos of the victim bound and tortured, broken glass on the floor, electrical cords used for restraint, a gun, and even a chainsaw.

According to sources, the victim had been subjected to waterboarding, Tasing, and was forced to ingest cocaine. An Apple AirTag was reportedly placed around his neck to prevent escape.

Who is John Woeltz?

John Woeltz is not a well-known figure in the mainstream cryptocurrency world, but he was active in blockchain communities in Kentucky. According to state records, he contributed to blockchain initiatives and participated in several Ethereum hackathons.

In 2021, he was listed as an administrative support contributor for the Kentucky Blockchain Technology Working Group. He also helped organize local blockchain meetups and events.

Despite these professional involvements, Woeltz maintained a relatively low online presence. Investigators and reporters have found no verified personal social media accounts, suggesting he may have preferred to operate behind business fronts or in anonymity.

Crypto as a Motive

The alleged motive behind the incident appears to center on cryptocurrency. According to police sources, Woeltz may have attempted to extort millions of dollars from the Italian man by using violence to gain access to his digital wallets and passwords.

The Polaroid photographs, found scattered throughout the apartment, are suspected to have been taken as tools of psychological pressure, perhaps to frighten the victim’s family or serve as blackmail.

The fact that Woeltz was reportedly renting the apartment for up to $40,000 per month raises further questions about the scale of his finances and whether he operated alone.

As of now, two other individuals, including a 24-year-old woman identified as Beatrice Folchi, have been arrested and charged with kidnapping and unlawful imprisonment. Authorities are still questioning two more people connected to the case.

A High-Profile Investigation

The NYPD’s Emergency Service Unit thoroughly searched the premises to confirm there were no additional victims.

Prosecutors have charged Woeltz with first-degree kidnapping, first-degree unlawful imprisonment, second-degree assault, and criminal possession of a weapon. He is currently being held at the 5th Precinct in Manhattan while the investigation continues.

Law enforcement officials are also exploring whether the two men knew each other through crypto-related dealings and whether the victim had been recruited under false pretenses.

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Frequently Asked Questions (FAQ)

What is the John Woeltz crypto scandal?

The John Woeltz crypto scandal refers to the arrest of John Woeltz, a 37-year-old crypto entrepreneur accused of kidnapping and torturing a man in a luxury NYC apartment to obtain access to his cryptocurrency assets.

What charges does John Woeltz face?

He faces charges including first-degree kidnapping, unlawful imprisonment, second-degree assault, and criminal possession of a weapon.

Who was the victim in the crypto kidnapping?

The victim was a 28-year-old tourist from Italy who allegedly had prior crypto business ties with Woeltz. He was held captive for over two weeks and tortured during that time.