Shocking Bitcoin Ransom Case Heads to Court in October

The crypto world has seen its share of scandals, but what happened to Italian trader Michael Valentino Teofrasto Carturan in a New York apartment sounds more like a crime thriller than a financial dispute.

Two men accused of kidnapping and brutally torturing Carturan over access to a $100 million Bitcoin stash are now facing serious charges. Both deny the accusations, but the disturbing details laid out in court documents paint a different picture.

Good to know

• The alleged victim says he was held and tortured for over three weeks.
• One suspect is out on $1 million bond and under strict house arrest.
• Both suspects claim the situation was more of a hazing than a crime.

According to prosecutors, John Woeltz and William Duplessie kidnapped Carturan and subjected him to weeks of abuse in a bid to extract access to his crypto wallet. The men reportedly took his phone and passport and tried to force him to hand over his private keys.

When Carturan resisted, the alleged torture escalated. Prosecutors say he was beaten, shocked with electricity, struck in the head with a gun, and had that same weapon repeatedly pointed at him. At one point, they claim he was dangled over a stairwell and told he’d be killed. The criminal complaint also details threats to his family in Italy, forced drug use, and even acts of humiliation involving urine.

It’s a shocking list of accusations, and both suspects are now facing serious legal consequences.

Released on Bond with Conditions

Woeltz, who also has ties to crypto trading, spent two months in Rikers Island before being released on a $1 million bond. His bail package was reportedly secured with help from his father, including both cash and property. He’s now under house arrest and must wear an ankle monitor. He’s only allowed to leave home for emergencies, medical visits, or meetings with his lawyer.

When approached by reporters outside the Manhattan Supreme Court, Woeltz declined to comment on the case or his release.

Meanwhile, Duplessie remains in custody as he awaits trial.

Defense Pushes Back

Both men pleaded not guilty. Woeltz’s lawyer, Wayne Gosnell, downplayed the accusations, framing the ordeal as more of an intense initiation than a violent kidnapping.

“Mr. Carturan was there in the role of a pledge, he was essentially being hazed,” Gosnell said during an earlier hearing.

That defense hasn’t swayed prosecutors, who continue to push forward with the case. They claim the suspects even prepared a detailed manifesto outlining how they planned to steal Carturan’s crypto.

The next court date is scheduled for October 15. Both defendants are expected to appear.