Reports: ‘Crypto king of KY’ charged for torturing man over Bitcoin password
A cryptocurrency investor from Kentucky is being accused of kidnapping and torturing an Italian man over a Bitcoin password for weeks, according to multiple news reports.
John Woeltz, 37, was arrested in New York Friday after the man Woeltz had allegedly been torturing escaped from a townhouse and alerted police, according to the New York Times.
NBC 4 in New York reported that Woeltz is known by some as the “crypto king of Kentucky.”
The victim, Michael Valentino Teofrasto Carturan, arrived in New York from Italy on May 6 and went to a 17-bedroom townhouse Woeltz was renting, according to the New York Times. The townhouse was at 38 Prince St. in the NoLIta neighborhood of Manhattan.
When Carturan arrived to the townhouse, Woeltz and another man identified as William Duplessie stole Carturan’s electronic devices and passport and demanded the password to his Bitcoin account, which is worth millions, according to the New York Times.
Carturan refused and was subjected to three weeks of torture in an effort to gain the password.
The relationship among the three men had previously been tumultuous, according to NBC 4. The New York Times reported Woeltz and Carturan were connected to a crypto hedge fund in New York and the two fell out over money.
During the weeks of torture Carturan was beaten, shocked with electric wires, threatened with a gun, restrained and dangled over the ledge of the five-story townhouse, according to the New York Times. Woeltz and Duplessie also threatened to kill Carturan and his family.
Woeltz was arrested shortly after Carturan was able to escape captivity and alert police. NBC 4 reported that investigators found multiple Polaroid pictures of evidence, a gun and several torture items.
Woeltz has been charged with assault, kidnapping, unlawful imprisonment and criminal possession of a gun. He is being held without bail and has to hand over his passport.
Duplessie surrendered to police Tuesday after days of negotiating, according to the New York Times. A third person, Beatrice Folchi, was arrested Friday but has since been released and her prosecution was deferred.
BEHIND THE STORY
MOREHow criminal charges work
Suspects are charged by law enforcement based on initial allegations and evidence that have not yet been proven in court or through jury trial.
This story was originally published May 27, 2025 at 1:37 PM.
