New York Man Accused in Bitcoin Crime Involving Kidnapping and Assault

Highlights:

• A crypto investor held a man hostage for weeks to steal his Bitcoin wallet password using threats and violence.
• Police found weapons and photos of the victim after arresting the suspect in a Manhattan townhouse.
• Physical attacks on crypto holders are increasing as criminals target wallet access through force instead of hacking.

A 37-year-old man has been arrested in New York for allegedly kidnapping and torturing a visitor in a bid to steal his Bitcoin. Authorities identified the suspect as John Woeltz, originally from Kentucky. He was taken into custody on Friday after the victim managed to escape. The victim, a 28-year-old man from Italy, flagged down a traffic officer in Manhattan’s NoLIta neighborhood. Officers from the Fifth Precinct responded and arrested Woeltz at the scene.

People are getting kidnapped & tortured for their crypto.

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John Woeltz, a 37-year-old crypto investor, and Beatrice Folchi were arrested in New York City for allegedly kidnapping and torturing an… pic.twitter.com/7ldzgQumZy

— Vandell | Black Swan Capitalist (@vandell33) May 26, 2025

The incident began earlier this month when the victim traveled to New York on May 6. He believed he was meeting someone for business. Instead, he was held captive inside an eight-bedroom townhouse rented by Woeltz for $30,000 per month. Investigators said the victim’s passport and electronic devices were taken immediately. The attackers then demanded the password to his Bitcoin wallet.

When the man refused, Woeltz and another suspect bound him and started beating him. At one point, they suspended him over a stairwell and threatened to kill him. Later, they threatened to harm his family if he refused to give up his password.

Victim Escapes and Leads Police to Bitcoin Crime Scene

The victim escaped by convincing the attackers that he could retrieve his password from a laptop that was situated in another room. When Woeltz turned his back, the victim ran and found a nearby traffic officer. The officer immediately called for help. Emergency crews arrived and transported the victim to Bellevue Hospital, where doctors confirmed he was in stable condition.

Following the arrest, police searched the townhouse. Inside, they found disturbing evidence. There were Polaroid photos showing the man bound and injured. Officers also discovered a firearm and other incriminating items. These items pointed to a prolonged and planned act of violence.

Prosecutors charged Woeltz with kidnapping, assault, unlawful imprisonment, and weapons possession. Authorities said Woeltz had access to a private jet and helicopter, which raised concerns about a possible escape. A second suspect remains at large.

Police also arrested a woman named Beatrice Folchi, who was charged with kidnapping and unlawful imprisonment. However, the District Attorney’s Office declined to prosecute her for now, citing the need for further investigation.

Experts Raise Alarm Over Increasing Kidnapping Cases

This case highlights a growing trend in Bitcoin crime. Criminals now target crypto holders through physical attacks instead of digital hacks. These incidents are often violent and aimed at stealing wallet credentials.

Experts have recorded a rise in such crimes across the world. In Paris, gunmen tried to kidnap the daughter of a crypto executive in broad daylight. In another case, a fake Uber driver drugged a tourist and stole over $120,000 in digital assets. France has launched an emergency line for families owning crypto assets.

Security expert Jameson Lopp noted that there have been at least 26 physical crypto attacks this year. These include kidnappings, home invasions, and ransom attempts. Meanwhile, a recent report by Bloomberg shows that many crypto holders have resorted to hiring bodyguards to keep them safe as Bitcoin crimes heat up.