Michaela
Summary: What are the bail conditions for the alleged crypto kidnappers?
The two men accused of kidnapping and torturing a tourist over his Bitcoin were released on $1 million bail each. As part of their conditions, they must wear electronic ankle monitors, surrender their passports, and check in with authorities every 72 hours. Both pleaded not guilty in court.
Two alleged crypto kidnappers accused of abducting and assaulting an Italian tourist in a Manhattan townhouse over his Bitcoin have been released on $1 million bail after pleading not guilty.
According to ABC News, John Woeltz and William Duplessie were each granted $1 million bail on Wednesday by New York Supreme Criminal Court Judge Gregory Carro. Both men pleaded not guilty to charges of kidnapping, assault, and coercion.
The case involving Woeltz and Duplessie arises from an alleged extortion scheme in which an Italian crypto trader was reportedly abducted in May. The victim was held hostage in a Manhattan townhouse for several weeks and subjected to repeated torture as the crypto kidnappers sought access to his Bitcoin assets.
After enduring weeks of physical abuse—including beatings, electric shocks, and pistol-whipping, as well as threats of being thrown from a balcony and harm to his family, the victim ultimately escaped. He persuaded one of his captors to grant him access to his laptop, where he claimed the password to his Bitcoin wallet was stored.
Seizing a brief moment alone, the victim fled the apartment and sought assistance from a nearby traffic officer. In the aftermath of the escape, Woeltz was promptly arrested at the scene, while Duplessie turned himself in to authorities several days later.
Although bail was granted, the defendants remain under strict supervision. According to podcaster Lauren Conlin, who attended the hearing, the crypto kidnappers must wear electronic ankle monitors, surrender their passports, and report for security check-ins every 72 hours. Defense attorneys have attempted to downplay the severity of the incident, characterizing it as a form of hazing and claiming the victim willingly participated in what was described as “17 days of shenanigans” to gain access to a particular lifestyle.
Crypto Kidnappers Expose DeFi Risks
This kidnapping and torture case is a chilling wake-up call for the broader crypto community. Decentralized finance may eliminate intermediaries, but it doesn’t erase the very real threats that exist offline, especially for holders of high-value tokens. As the line between digital assets and real-world consequences continues to blur, self-custody comes with heightened responsibility.
For Shiba Inu holders, the takeaway is clear: security isn’t just about smart contracts and cold storage, it’s also about personal vigilance. Private keys should never be stored unencrypted or shared, even with people you trust. Hardware wallets, two-factor authentication, and secure backups aren’t just good practices, they’re your last line of defense.
And as the Shibarium ecosystem continues to expand, so too does the visibility of its most committed users. With growing adoption, increased media attention, and a rising number of ecosystem projects, high-profile SHIB holders may find themselves on the radar in ways they didn’t anticipate. Staying safe means being discreet, being prepared, and understanding that decentralization offers power, but power must be protected.
Read More
- Crypto Kidnapping Scandal Ties NYPD Detectives to Shocking Plot
- Crypto Kidnapping Risks Drive New Insurance Policies
- 74-Year-Old Missing in Crypto Kidnapping: What SHIB Holders Should Know
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
