Crypto Investor Worth $100M Accused of Torture Over Bitcoin Passwords in NYC Horror Ordeal

Key Takeaways:

• A crypto investor dubbed the “Crypto King of Kentucky” allegedly held and tortured an Italian tourist to extract his Bitcoin credentials.
• During the raid on the townhouse, police found guns, drugs, and Polaroids of the victim.
• The case shows a worrying pattern of violent crimes happening throughout the world that target people who own cryptocurrencies.

A wealthy crypto investor is said to have kidnapped and tortured an Italian tourist in New York in order to get access to his Bitcoin wallet. Even experienced police officers are stunned by the case, which has brought up fears about how far thieves will go to get their hands on digital money.

Read More: Germany Seizes €34M in Crypto from eXch in Major Crackdown on Darknet Laundering

John Woeltz, 37, an early crypto adopter with an estimated fortune of $100 million, now faces serious charges after police say he imprisoned and tortured 28-year-old Italian tourist Michael Carturan in a luxury eight-bedroom Manhattan townhouse.

Carturan was reportedly lured into the Soho residence on the pretext of a business meeting. What followed was a harrowing three-week ordeal: police say he was electrocuted, beaten, urinated on, and even hung off a fifth-floor balcony—all to force him into revealing his Bitcoin credentials.

Woeltz, who owns multiple luxury properties and is known for early investments in projects like HyperCash and Grin, was arrested on May 23 after the victim managed a daring escape.

Read More: Hacker Jailed for Triggering $3,000 Bitcoin Swing in SEC X Account Breach

Police reports reveal chilling details of the captivity. Carturan was allegedly stripped of his passport and electronic devices on arrival. When he refused to surrender his wallet password, captors bound him with electrical wire and subjected him to various forms of abuse, including forced drug use.

At one point, he was reportedly hung over a balcony ledge in a brutal attempt to intimidate him into revealing access credentials for his Bitcoin.

Authorities later uncovered evidence supporting the victim’s claims: cocaine, night vision goggles, ammunition, a saw, and disturbing Polaroid photos showing a gun pointed at Carturan’s head were recovered during a raid.

An AirTag was found on Carturan, suggesting he was being tracked continuously. Investigators also reported that he had visible wounds consistent with electrical burns, blunt force trauma, and cuts from a saw.

The shocking case comes amid a global rise in crypto-related violence. Authorities in Europe are investigating several incidents where digital assets were the motive behind brutal crimes:

• Paris (May 2025): A failed kidnapping attempt targeted the pregnant daughter of crypto pioneer Pierre Noizat.
• France (2024): Two men were found with severed fingers in a failed ransom attempt targeting a crypto millionaire.
• Spain (2023): A crypto broker managed to escape his captors after being held for over 48 hours in a villa outside Barcelona.

These incidents, experts warn, are not isolated. As the value of crypto portfolios climbs, so does the risk for holders. Unlike traditional bank accounts, access to wallets often hinges on private keys or seed phrases—information that cannot be reset or recovered if stolen.

Crypto investors, particularly high-net-worth individuals, are being urged to adopt more robust personal and digital security measures. From hardware wallet encryption to multi-signature wallets and cold storage, experts stress that no single layer of security is enough in today’s climate.

Meanwhile, Woeltz remains in custody without bail and is expected to appear again in Manhattan criminal court next week. Prosecutors claim he has access to a private jet and helicopter, making him a flight risk.

A second unidentified male suspect remains at large, and police are continuing to investigate links between Woeltz and other crypto associates. A woman identified as Beatrice Folchi, who was initially arrested in connection with the case, has denied any involvement.

As the case unfolds, it’s become a brutal reminder that in the world of unregulated wealth, digital assets can carry very real, physical dangers.

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