Crypto Investors In New York Charged With Kidnapping Business Partners To Steal Bitcoin

John Woeltz (second from the left) kidnapped his victim to blackmail crypto (photo: x @wiseadvicesumit)

JAKARTA - A 37-year-old crypto investor was charged by the jury on charges of kidnapping a business partner in the elite Soho area of Manhattan for three weeks. The move was carried out in an attempt to force the victim to submit his Bitcoin wallet password. Prosecutors said this on Wednesday, May 29.

Suspect John Woeltz was arrested on May 23, 2025. Based on a criminal complaint document filed with Manhattan Criminal Court, the victim 'an unnamed Italian man' reported that on May 6, Woeltz and another man, William Duplessie (33), seized his electronic device and passport, then forced him to give a password to access his crypto asset.

When the victim refused to reveal his password, the two perpetrators were suspected of starting to commit brutal violence. The victim was tied up, hit in the head with a firearm, electrocuted using a power cable, and even hanged on the stairs in an attempt to intimidate him. They also threatened to kill his family.

After weeks of torture, the victim finally managed to escape and reported the incident to the police.

Local media called Woeltz a crypto investor, while the victim reportedly had ties to a hedge fund crypto in New York, according to an internal police report quoted by the New York Times.

William Duplessie was arrested on Tuesday, May 28 and is scheduled to undergo an initial hearing on Friday 31 May. Meanwhile, Woeltz will stand trial on 11 June. The judge has decided that the two suspects will be detained without guarantees.

Until now, the two suspects have not filed a defense, and their lawyers refuse to comment.