In a harrowing case that underscores the perils faced by cryptocurrency holders, two prominent crypto investors have been arrested in New York City for the alleged kidnapping and torture of an Italian Bitcoin trader. The suspects, John Woeltz, 37, known as the “crypto king of Kentucky,” and William Duplessie, 32, co-founder of the Swiss-based Pangea Blockchain Fund, are accused of detaining and brutalizing the victim in a SoHo townhouse to extract his Bitcoin credentials.

The victim, identified as 28-year-old Michael Valentino Teofrasto Carturan, reportedly arrived in New York on May 6, 2025, under the pretense of a business meeting. Upon arrival, he was allegedly lured to an opulent eight-bedroom townhouse on Prince Street, where he was stripped of his electronics and passport. Over the next 17 days, Carturan endured severe abuse, including beatings, electric shocks, forced drug use, and threats to his life, all aimed at coercing him into revealing his Bitcoin password. At one point, he was reportedly dangled over a staircase and had his leg cut with a saw.

Carturan managed a daring escape on May 23, fleeing barefoot and bloodied to a nearby NYPD officer. His account led to the immediate arrest of Woeltz, who was found in possession of various items corroborating the victim’s claims, including a saw, crack cocaine, and photographs documenting the abuse. Duplessie surrendered to authorities four days later and is facing similar charges.

Both suspects are being held without bail, with prosecutors citing their substantial resources and potential flight risk. The case has drawn attention to a disturbing trend of “wrench attacks,” where criminals resort to physical violence to obtain access to victims’ cryptocurrency holdings. As digital assets continue to rise in value, incidents targeting crypto investors have become increasingly prevalent worldwide.

The investigation remains ongoing, with authorities examining the suspects’ connections and potential involvement in other similar crimes.