Crypto investor 'tortures' Italian businessman for password after 'tying him up' for weeks

A 37-year-old cryptocurrency investor appeared in court today after he arrested and charged on Friday with kidnapping a man and torturing him for weeks inside a luxury townhouse in downtown Manhattan to get the man's password to Bitcoin, the police said.

John Woeltz, was taken into custody on Friday after the man managed to escape the townhouse and notify the police. Woeltz was charged on Friday evening with assault, kidnapping, unlawful imprisonment and criminal possession of a gun.

The individual, whose identity remains undisclosed by authorities, informed the police that he had flown into the city from Italy on May 6 and proceeded to the townhouse to meet with Woeltz.

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Woeltz, originally from Kentucky, had been leasing the eight-bedroom residence for a minimum of $30,000 per month, according to the official.

The man told the police that when he arrived at the house, Woeltz stole his passport, tied him up and held him captive for three weeks, during which time Woeltz tortured and assaulted him until his escape on Friday morning, the official said.

Officials discovered multiple Polaroid images of the businessman bound with electrical wire, including a striking photo of him restrained to a chair with a gun aimed at his head, as reported by sources.

Sources also revealed that the man was tased while his feet were put in water, pistol-whipped, forced to take drugs while being threatened to have his limbs cut off with an electric chainsaw.

The ordeal began with a disagreement over cryptocurrency, during which the suspect reportedly attempted to extort millions of dollars by implementing a series of gruesome tortures, as reported by sources.

According to sources, the victim had an Apple AirTag placed around his neck to prevent him from escaping. However, he ultimately managed to flee, believing that Friday would be the day he was killed.

Ciaran Tully, a photographer who sells his artwork just across the street, described witnessing Woeltz being arrested while wearing a robe and handcuffs. “This is definitely the strangest thing I’ve seen in my time here. Normally, this is a pretty quiet block,” he said.

Beatrice Folchi was arrested on Friday and charged with kidnapping and unlawful imprisonment, as reported by the New York Times. However, her relationship to Woeltz remains unclear at this time.

On Friday, an official reported that two butlers working at the residence were present and agreed to be interviewed by the police.

Woeltz was taken into custody at the NYPD’s 5th Precinct while awaiting formal charges. Sources indicate that the NYPD’s Emergency Service Unit conducted a comprehensive search of the property to ensure that no other victims of torture were present.

Woeltz’s arrest follows a troubling pattern of incidents involving senior cryptocurrency executives in the U.S. and elsewhere, where victims and their families have faced kidnappings or violent assaults for ransom