A Manhattan crypto investor, John Woeltz, 37, is facing severe charges after allegedly kidnapping and torturing a 28-year-old Italian man in an attempt to gain access to his digital assets. The victim, who arrived in the US on May 6, was reportedly held captive for weeks inside a luxury townhouse in Soho, Manhattan, rented at a staggering $30,000 per month.

Reports suggest that Woeltz, along with an accomplice, abducted the victim upon his arrival, stealing his passport and electronic devices. They then demanded the password to his Bitcoin (BTC) wallet and resorted to extreme measures when he refused, including physical abuse, electric shocks, firearm assaults, and threats against his family. The victim also recounted incidents of being cut with a saw and forced to smoke crack cocaine.

The victim managed to escape on Friday and informed the authorities, leading to Woeltz's arrest. Woeltz has been charged with four felony counts, including kidnapping for ransom, and has pleaded not guilty. He is currently being held without bail and is set to appear in court on May 28.

Photographic evidence found at the property, including Polaroids, aligns with the victim's claims of sustained abuse. While a 24-year-old woman was also taken into custody in connection with the incident, she was seen walking freely in New York the next day, with no charges against her found in the court's online database. It is yet to be clarified if any cryptocurrency was stolen during the ordeal.

The incident sheds light on the increasing need for personal security services within the crypto industry, particularly as kidnapping and ransom cases rise, notably in France. Crypto executives and investors are turning to private security firms for protection, with requests for bodyguards and long-term security contracts on the rise.

In response to the surge in such crimes, French authorities have introduced enhanced protections for crypto entrepreneurs and their families, offering security briefings and priority access to police assistance. Recent kidnapping incidents involving prominent figures in the crypto space underscore the importance of safeguarding personal security in an industry marked by volatile assets and high stakes.

As the investigation into the Manhattan kidnapping case unfolds, the incident serves as a stark reminder of the risks associated with holding valuable digital assets and the need for heightened security measures in the crypto industry.

Source: https://cointelegraph.com/news/crypto-investor-charged-kidnapping-passwords?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound