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‘Crypto King’ Allegedly Tortured Man in NYC Townhouse in Demand for Bitcoin Access

Shocking details from an ongoing case have emerged after John Woeltz, a purported “Crypto King,” was arrested Friday. According to NBC News , Woeltz has been arraigned on charges of kidnapping, unlawful imprisonment…

Andrew Powell·May 27, 2025·2 min read

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Shocking details from an ongoing case have emerged after John Woeltz, a purported “Crypto King,” was arrested Friday.

According to NBC News, Woeltz has been arraigned on charges of kidnapping, unlawful imprisonment, Assault, and other charges, after he and a business partner allegedly spent weeks torturing a third business partner.

Law enforcement sources told the news outlet the Victim was an Italian citizen, 28, who had travelled to New York City on May 6, and investigators believe the relationship between the three business partners had a strained history.

Police allege both Woeltz and his partner took the Victim’s passport and electronic devices, demanding he give over the password to his Bitcoin and was tortured after he refused.

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The victim was reportedly held over the edge of a building, was bound by his wrists, pistol-whipped and had a gun held to his head, while the two accused perpetrators used a chainsaw on one of his legs and urinated on him.

The Victim was held for 17 days before he escaped Friday, with law enforcement saying he was found with cuts, bruises, and ligature marks from being bound.

Following Woeltz’s arrest, law enforcement sources said they uncovered evidence including Polaroid pictures of the Victim being bound and tortured, a gun, and several items used to Torture the Victim at the home Woeltz had been renting in Nolita for at least $30,000 a month.

Woeltz is believed to be a crypto currency trader originally from Kentucky and is reportedly worth around $100 million. He is being held without bond.

‘Crypto King’ Allegedly Tortured Man in NYC Townhouse in Demand for Bitcoin Access — IJR