Crypto Extortion in NYC: Two Men Granted $1M Bail After Allegedly Torturing Bitcoin Trader

[kevin1]

A wild and disturbing case just hit the crypto crime radar.

Two men — John Woeltz (37) from Kentucky and William Duplessie (33) from Miami — have been granted $1 million bail each by a New York judge after allegedly kidnapping and torturing a 28-year-old Italian crypto trader in a Manhattan townhouse. The goal? Forcing access to his Bitcoin wallet credentials.
🧷 What Happened?

The victim arrived in NYC on May 6, reportedly lured under false pretenses.

He was held hostage for 17 days, beaten, shocked with wires, pistol-whipped, and even threatened with being thrown off a balcony.

The captors allegedly went as far as threatening to kill his family to extract crypto keys.

Photos recovered show a gun pointed at the victim's head. Authorities described the torture as brutal and methodically planned.

‍️ How He Escaped

The victim convinced one of the kidnappers to let him access his laptop, claiming the password was stored there. When left unattended, he bolted from the apartment and flagged down a traffic officer. He was hospitalized with injuries consistent with prolonged abuse.
🧾 Police Discovery

A raid of the townhouse uncovered:

Weapons, drugs, body armor

Surveillance equipment

Evidence suggesting extensive premeditation

Woeltz was arrested on-site. Duplessie surrendered days later.
️ Legal Update

Both suspects pleaded not guilty to kidnapping, assault, and coercion. As part of their bail conditions, they must:

Wear electronic ankle monitors

Surrender passports

Check in with authorities every 72 hours

Next court date is set for October 15.

One bizarre defense argument? That this was a form of “hazing” — and the victim allegedly wanted to be part of the “lifestyle.”
Crypto Execs on High Alert

This isn’t an isolated case. Crypto-related kidnappings are on the rise:

Recent cases reported in France, Belgium, and now New York

Security firms like Infinite Risks International report surging demand from crypto investors for personal protection and bodyguards

🧠 TL;DR

Crypto crime just took a chilling turn. This wasn’t a digital heist — it was physical, violent, and planned. As crypto continues to attract serious money, it’s also drawing dangerous attention. Stay safe out there, folks.

What do you think? Is personal security the next essential tool for high-net-worth crypto holders? Have we reached the age of “physical crypto custody”? Drop your thoughts