37-year-old John Woeltz was arrested after the victim was able to escape and summon the police
A cryptocurrency-related crime in New York has led to serious charges after a man was allegedly held captive and tortured for weeks in an attempt to steal access to his Bitcoin holdings. According to police, 37-year-old John Woeltz was arrested on May 24 after the 28-year-old victim managed to escape a Manhattan townhouse and flag down a police officer.
The victim, whose identity has not been released, told authorities he had been confined and assaulted repeatedly since May 6. He claimed that Woeltz lured him to the property under false pretenses, promising to help him access Bitcoin funds. Instead, the man was allegedly subjected to brutal abuse in an attempt to force him to hand over his crypto wallet password.
According to prosecutors, the victim said he was shocked with electrical wires, had his leg cut with a saw, and was even forced to smoke crack cocaine. The goal, investigators believe, was to break him down and obtain control of his digital assets. One Bitcoin currently holds a market value of over $100,000, making the potential theft a high-stakes crime.
When officers arrived at the scene, they arrested Woeltz and later recovered several disturbing items from the residence, including a saw, chicken wire, body armor, ballistic helmets, and night vision equipment. Authorities also reported finding photographs that showed the victim with a gun pointed at his head.
Woeltz now faces multiple felony charges, including kidnapping, assault, and unlawful imprisonment, along with a weapons charge. He is being held without bail and is scheduled to appear in court again on May 28.
The case has raised concerns about the dangers tied to digital wealth, especially when large sums are stored behind passwords and private keys. Law enforcement continues to investigate whether others may have been involved.
