Introduction to the Case
An investigation continues into a Manhattan case seemingly right out of a movie, the details of which are as shocking as they are disturbing.
The Arrest and Charges
John Woeltz was arrested Friday and arraigned on charges of kidnapping, unlawful imprisonment and assault, among other charges. He and a business partner spent weeks torturing a third business partner, an Italian citizen, who came to New York City on May 6, law enforcement sources said.
Background of the Relationship
Investigators believe the relationship among the three men had been tumultuous in the past, but came to a head when the Italian arrived early in the month.
The Torture
Woeltz and the partner allegedly took the victim’s passport and electronic devices, then demanded he give them his Bitcoin password. When the 28-year-old refused to comply, that’s when the torture started, police said. He was bound by his wrists, pistol-whipped, had a gun held to his head, a chainsaw used on his leg, and urinated on. His captors also dangled him off the building as threatened his family.
The Escape
After 17 days inside the torture chamber of the "Crypto King," the victim finally managed to escape on Friday. Police said they found him covered in cuts and bruises, with ligature marks on his wrists from being bound.
Search for the Second Suspect
While Woeltz was taken into custody, detectives are still searching for the other business partner involved.
Evidence Found
Following the arrest of Woeltz, investigators allegedly found a trove of evidence at the rented out home. Law enforcement sources said they turned up multiple Polaroid pictures of the victim being tied up and tortured. Investigators also reportedly recovered a gun and several torture items.
The Suspect’s Background
Authorities believe Woeltz is a big-name crypto currency trader from Kentucky with an estimated worth around $100 million. He had reportedly been renting out the Nolita residence at a monthly rate of at least $30,000.
Legal Proceedings
Woeltz was ordered held without bond. His attorney did not speak to the media after arraignment on Saturday.
Conclusion
The case of John Woeltz, the "Crypto King," is a shocking reminder of the extreme measures some individuals will take to achieve their goals. The use of torture to extract a Bitcoin password is a disturbing trend that highlights the darker side of the cryptocurrency world. As the investigation continues, it is essential to remember the victim and the trauma they endured.
FAQs
Who is John Woeltz?
John Woeltz is a cryptocurrency trader from Kentucky with an estimated worth of around $100 million.
What were the charges against Woeltz?
Woeltz was charged with kidnapping, unlawful imprisonment, and assault, among other charges.
How did the victim escape?
The victim managed to escape after 17 days of being held captive and tortured.
What evidence was found at the crime scene?
Investigators found multiple Polaroid pictures of the victim being tied up and tortured, a gun, and several torture items.
What is the current status of Woeltz?
Woeltz was ordered held without bond and is awaiting further legal proceedings.
