NEW YORK, May 25 —An Italian businessman was held captive and tortured for over two weeks in a luxury SoHo townhouse in an alleged bid to force him to divulge his Bitcoin password, New York police said.
The accused, John Woeltz, a 37-year-old cryptocurrency investor, was arrested on Friday after the 28-year-old victim managed to escape and flagged down a police officer.
Police say the victim had flown to New York from Italy on May 6 to meet Woeltz, a past business associate. Upon arrival at the $30,000–$40,000/month rented townhouse, Woeltz allegedly confiscated the man’s passport and devices before launching a weekslong torture campaign.
Chainsaw, Shocks & Cocaine: Inside the Ordeal
According to law enforcement sources, the man was bound with electric cords, shocked while standing in water, pistol-whipped, forced to take cocaine, and even cut with a chainsaw. An Apple AirTag was reportedly strapped around his neck to track any escape attempt.
Disturbingly, Polaroid photos were taken during the abuse, including one showing the victim tied to a chair with a gun to his head — believed to be used to pressure him or his family for access to his crypto wallet.
The victim, who had a visible chainsaw wound, fled the townhouse on Friday, convinced he was about to be killed. He was taken to Bellevue Hospital and treated.
Woeltz was arrested the same day, wearing a robe and handcuffs, as stunned neighbors looked on.
“This is definitely the strangest thing I’ve seen in my time here,” said Ciaran Tully, a photographer working across the street.
Another local vendor told the New York Post, “I just assumed they were shooting porn or something. I couldn’t have guessed all this.”
Woeltz Pleads Not Guilty, Denied Bail
On Saturday, Woeltz was arraigned in Manhattan criminal court, pleading not guilty to kidnapping, assault, unlawful imprisonment, and criminal possession of a weapon. Judge Eric Schumacher denied bail, citing his access to a private jet and helicopter, and ordered him to surrender his passport.
The FBI and NYPD are now investigating potential accomplices and whether this crime is linked to broader cryptocurrency-related extortion schemes.
