Michaela
Crypto investor John Woeltz has been arraigned in Manhattan criminal court on charges of kidnapping and repeatedly assaulting an Italian tourist in an alleged attempt to extract the victim’s Bitcoin password.
According to The New York Times, Woeltz was taken into custody on Friday after the alleged victim escaped and alerted authorities. Investigators reportedly discovered Polaroid photographs inside Woeltz’s residence that appeared to document the acts of torture.
Reports indicated that Woeltz, along with two alleged accomplices, detained and tortured the Italian tourist after seizing the victim’s electronic devices and passport. The abuse reportedly began and escalated over several weeks when the victim refused to provide his Bitcoin password.
According to police statements, the victim alleged that Woeltz and an accomplice subjected him to severe physical abuse, including being beaten, shocked, struck with a firearm, and threatened at gunpoint. He further claimed he was dangled from the top floor of the townhouse and ultimately had part of his leg amputated with a saw. The suspects also allegedly threatened to harm the victim’s family and forced him to smoke crack cocaine during the ordeal.
The crypto investor declined to speak with authorities following his arrest and promptly secured legal counsel, according to officials. He was arraigned on Saturday in Manhattan criminal court on four felony charges, including kidnapping with intent to collect ransom. Woeltz entered a plea of not guilty and is currently being held without bail.
This incident adds to a troubling rise in cryptocurrency-related crimes, including a growing number of reported kidnappings and extortion cases.
In mid-May, an attempted kidnapping by armed assailants involving the daughter and grandson of Pierre Noizat, CEO and co-founder of the cryptocurrency exchange Paymium, took place in Paris. Footage of the incident has recently gone viral online, drawing widespread attention.
That same week, authorities disclosed details of a separate kidnapping case involving three Florida teenagers accused of abducting a man at gunpoint. The suspects allegedly stole digital assets—including cryptocurrency and non-fungible tokens (NFTs)—valued at roughly $4 million.
As the digital asset space continues to expand rapidly, law enforcement agencies and regulatory bodies are increasingly tasked with adapting to the evolving landscape. The rise in crypto-related crimes puts a spotlight on the urgent need for enhanced security measures, public awareness, and stronger legal frameworks to protect individuals and investors in this emerging market.
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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.
