John Woeltz, a self-proclaimed cryptocurrency entrepreneur from Kentucky often referred to as the “Crypto King,” has been formally charged in a shocking case of kidnapping and torture targeting an Italian crypto millionaire. The incident, which took place over a span of 17 harrowing days in a luxury Manhattan townhouse, is raising serious concerns about the intersection of digital currency wealth and violent criminal schemes.
According to prosecutors, the victim, Michael Valentino Teofrasto Carturan, traveled from Italy to New York City in early May 2025 under the belief that he would be meeting with Woeltz and his associate, William Duplessie, to reclaim a cache of stolen Bitcoin. Carturan, known in the European crypto community as a wealthy investor, had previously suffered a cryptocurrency theft and was allegedly enticed to the U.S. by the suspects under the pretense of recovering his assets.
Upon his arrival on May 6, Carturan was met by an off-duty NYPD officer moonlighting as private security for the accused. He was then transported to a lavish townhouse in the upscale SoHo neighborhood—an apartment Woeltz had rented for $75,000 per month. Inside, Carturan was immediately taken hostage. Over the following 17 days, he was subjected to repeated physical and psychological abuse by his captors, who were seeking access to his Bitcoin holdings.
The criminal complaint outlines a gruesome series of events. Carturan was electrocuted, beaten, threatened with firearms, and, in one instance, allegedly hung from a staircase railing as part of an ongoing attempt to force him to divulge the password to his crypto wallet. Photographic evidence recovered from the scene showed the victim with a firearm pointed at his head. Prosecutors also reported that firearms, drugs, and various instruments of torture were found within the residence, alongside incriminating digital communications between the suspects.
After weeks of captivity, Carturan managed to escape on May 23. He fled the townhouse barefoot and bleeding, flagging down a New York Police Department officer who then initiated a full-scale investigation. Woeltz was arrested shortly thereafter and has been denied bail due to concerns that he poses a significant flight risk, given his ownership of both a private jet and a helicopter. His arraignment is scheduled for June 11 in Manhattan Criminal Court.
Duplessie, the second suspect in the case, surrendered to law enforcement on May 27. He is currently awaiting indictment and is expected to face similar charges. In addition, two NYPD detectives who were reportedly in contact with the suspects have been placed on modified duty while internal investigations are conducted.
The case has sparked widespread outrage and international attention, particularly from the cryptocurrency and law enforcement communities. Legal experts and cybersecurity analysts have noted that as the global adoption of cryptocurrency continues to rise, so does the potential for violent crime targeting digital asset holders. Unlike traditional bank accounts, cryptocurrency wallets are often only accessible via a single password or seed phrase. This makes high-value investors especially vulnerable to physical coercion.
The kidnapping and torture of Carturan marks one of the most disturbing instances of what has been referred to in cybersecurity circles as a “$5 wrench attack”—a term coined to describe a physical threat used to obtain cryptographic keys or passwords. Similar cases have occurred in other parts of the world, but the level of brutality and planning exhibited in this case is drawing particular scrutiny.
Investigations remain ongoing, and the Manhattan District Attorney’s Office has stated that additional charges or arrests may follow. Prosecutors are working closely with international authorities and cybersecurity experts to determine whether Woeltz and Duplessie have engaged in similar activities in the past or if additional victims exist.
As digital assets become more mainstream, this case underscores the urgent need for enhanced personal security protocols among cryptocurrency holders, as well as clearer regulatory and law enforcement frameworks to prevent and prosecute these types of crimes.
This developing story has become a key focus in both legal and cryptocurrency news circles, signaling a disturbing new chapter in the criminal exploitation of digital currency technologies.
