- John Woeltz was charged with kidnapping and torturing an Italian tourist.
- Police found evidence of torture, including Polaroid photos.
John Woeltz, a 37-year-old cryptocurrency investor, was arrested in New York City on May 23, 2025, for holding and tormenting a 28-year-old Italian tourist. According to the indictment, Woeltz kept the victim in a Manhattan townhouse for weeks, trying to get the passwords to the victim’s Bitcoin holdings. Officials say the victim arrived in the U.S. on May 6 and was taken to Woeltz’s SoHo house, where they stayed for several days.
The victim arrived on a plane, only to have his passport taken away after being promised a business meeting. The suspects reportedly kept him tied up with electrical cords and abused him over and over. According to prosecutors, the torture included electric shocks, beatings from a firearm, and cuts made with a saw. Assistant District Attorney Emily Mattson said in court on May 24, “They threatened to kill his family unless he obeyed.”
Among the Polaroid photos found by the police were photos of the victim being tortured, with one showing a gun at his head. An AirTag was placed around the victim’s neck so it could be tracked. A crypto trader who owns about $30 million fled from Italy on May 23 and flagged down a police officer for help. He was transferred to Bellevue Hospital after being stabbed and cut by a chainsaw on his leg.
Woeltz has been accused of first-degree kidnapping, second-degree assault, unlawful imprisonment, and criminal possession of a firearm. He appeared in Manhattan Criminal Court and was not allowed to post bail. Authorities have pointed out that Woeltz has been involved with cryptocurrency since 2011 and has taken part in HyperCash and Grin projects.
Second Suspect Arrested, Released
On May 23, Beatrice Folchi, a 24-year-old, was arrested as part of the case. The first charges against her were first-degree kidnapping and unlawful imprisonment. Even so, the Manhattan District Attorney did not file charges against Folchi because more investigation was required. Police are looking for a second man they believe is linked to the crime. Woeltz allegedly employed two others, and police are questioning them at this time, but have not brought charges against them.
Police visited the SoHo townhouse, which is at Prince and Mulberry Streets, after it became a crime scene. During their visit, they found and collected torture tools and pictures. An NYPD spokesperson said, “He was kept against his will for weeks.” Investigators are still working at the house, looking for any additional signs of what happened.
The victim, who has not been identified, said he did business with Woeltz in the past. He visited New York with the hope of settling financial affairs, but instead, he was held and abused. They forced him to smoke crack cocaine and applied shocks to him, prosecutors explained in detail. Many have expressed worry about the dangers of large cryptocurrency transactions, which experts are advising the industry to address.
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