Cryptocurrency Owner Apprehended over Bitcoins-Fueled Kidnapping and Bodily Harm Incident in New York City
Incident in Manhattan: Cryptocurrency Investor Arrested for Kidnapping
John Woeltz, a 37-year-old resident of New York City, has been apprehended for allegedly committing an assault and kidnapping a 28-year-old Italian national over several weeks to gain access to his Bitcoin funds. Woeltz is now facing multiple charges, including kidnapping, assault, and weapons possession, with no bail granted.
The victim arrived in New York City in early May and was reportedly kidnapped on May 6 by Woeltz and other unidentified individuals in an upscale eight-bedroom Manhattan townhouse. During this time, the victim was subjected to relentless physical abuse, including being bound, beaten, drugged, and electrocuted. The captors demanded that the victim disclose his Bitcoin wallet password.
On Friday, the victim managed to escape the apartment after agreeing to provide his password. He claimed that the password was stored on his laptop in another room, seizing the opportunity to run to safety when Woeltz turned his back. The victim approached a traffic officer for help and was taken to a hospital for medical treatment.
Authorities discovered evidence of the crime upon searching the townhouse, such as cocaine, weapons, night vision goggles, and photographs of the victim with a gun to his head. Court records mention the involvement of an unapprehended male, suggesting that others were part of the kidnapping scheme.
Woeltz's arrest highlights a troubling trend of "wrench attacks" where criminals resort to physical violence to steal digital assets like cryptocurrency. This form of crime has been on the rise due to the anonymity and irreversibility of cryptocurrency transactions, the increasing visibility of wealth in the crypto sphere, and the ease of gathering personal information online. In the first 21 weeks of 2025, there were 25 documented cases of wrench attacks, an average of one per week.
Despite this growing concern, it is important to note that operational security practices and poor crypto-specific measures are often reasons behind the success of these attacks, rather than inherent weaknesses in the cryptocurrency system.
Woeltz will appear in Manhattan criminal court next week, and his attorney has declined to comment on the charges. The police have urged any potential victims or witnesses to come forward with information.
- The cryptocurrency investor arrested for kidnapping in Manhattan, John Woeltz, is facing charges that go beyond kidnapping and assault, as he is also accused of weapons possession.
- The recent incident involving the kidnapping and physical abuse of a cryptocurrency investor by John Woeltz in Manhattan underscores the increasing trend of "wrench attacks," where criminals use violence to steal digital assets like Bitcoin.
