By Emmanuel Dominic 
Alleged Crypto Kidnapper Tortured Victim for Wallet Passwords, Now Charged
John Woeltz, a 37-year-old cryptocurrency investor from Kentucky, has been charged with kidnapping, assault, and other crimes after allegedly torturing a 28-year-old Italian man in a luxury New York City townhouse to extort his bitcoin password. Prosecutors say Woeltz lured the victim—who had previously been coerced to transfer bitcoin—back to New York under the pretense of returning his cryptocurrency. Upon arrival, the victim was held captive for three weeks, during which Woeltz and an accomplice electrocuted, pistol-whipped, and drugged him, threatened his family, and subjected him to severe abuse including urination and psychological torment. The man escaped after pretending to comply, fleeing barefoot and bloodied to alert authorities. Police later found a cache of weapons, drugs, and disturbing paraphernalia in the residence. Woeltz, considered a flight risk due to access to a private jet and helicopter, is being held without bail and faces life in prison if convicted. His attorney declined to comment, and he awaits his next court appearance on Wednesday.
This incident highlights a disturbing trend in so-called “wrench attacks,” where criminals resort to physical violence to obtain access to cryptocurrency wallets. Security experts have noted an uptick in such incidents in 2025, with at least 26 physical crypto-related attacks reported this year alone, ranging from kidnappings to home invasions.
The case underscores the importance of robust security measures and discretion for individuals involved in the cryptocurrency industry. As digital assets grow in value and profile, the risk of targeted attacks increases, necessitating heightened awareness and protective strategies.
