Crypto Investor Escapes After Bitcoin Kidnap Attempt in New York

A disturbing case in New York City has brought attention to the risks that can come with holding digital assets like Bitcoin. A crypto investor who recently traveled from Italy was allegedly kidnapped and tortured for weeks in a Manhattan apartment in an effort to extract access to his Bitcoin wallet.

Good to know

• The victim managed to escape by tricking the suspect during a moment of distraction.
• The suspect is being held without bail due to flight risk concerns.
• Evidence found at the apartment included weapons, drugs, and Polaroid photos.

According to a report from the Associated Press, John Woeltz, aged 37, was arrested after the victim fled the apartment and flagged down a traffic officer. Prosecutors say the man had been physically abused, drugged, and threatened with violence if he refused to reveal his Bitcoin passphrase.

The victim reportedly endured repeated abuse, including electrical shocks, being hit with a firearm, and being dangled over stairs. The suspect allegedly used these tactics in an attempt to gain access to the victim’s digital wallet.

The situation escalated until the victim feared for his life and pretended to surrender the password. When Woeltz turned away to retrieve the laptop, the victim took his chance to escape. Once outside, he contacted police, which led to Woeltz’s arrest.

Authorities searched the apartment and uncovered a disturbing array of items: cocaine, a saw, chicken wire, ammunition, night vision goggles, body armor, and Polaroid images showing a gun pointed at the victim’s head.

Prosecutors requested that Woeltz be denied bail, citing a high flight risk due to his ownership of both a helicopter and a private jet. He now faces several criminal charges, including kidnapping, assault, criminal possession of a firearm, and unlawful imprisonment.

An unidentified man is also believed to be connected to the case but has not yet been located. Authorities are continuing their investigation.

The court has scheduled Woeltz’s next appearance in Manhattan criminal court for next week.

Update May 27, 2025 at 01:35

Authorities may soon have a second suspect in custody in the ongoing crypto kidnapping investigation in New York City, according to multiple sources.

Reports suggest a Swiss crypto investor, believed to be a business partner of Joel Woeltz, is preparing to surrender to law enforcement.

NBC noted that the unnamed investor is expected to turn himself in within the week. However, FOX5 New York pointed to conflicting details, stating the man might already be in custody.

The New York Post added that the individual is reportedly the co-founder of a Swiss trading firm.