Thomas Daniels
John Woeltz, a 37-year-old cryptocurrency investor based in Manhattan, has been arrested and formally charged with multiple felonies, including kidnapping for ransom, in a chilling case that underscores growing security risks in the digital asset industry.
Prosecutors allege that Woeltz abducted 28-year-old Michele Carturan, an Italian national, and held him captive for nearly three weeks inside a luxury SoHo townhouse reportedly rented for $30,000 to $40,000 per month. Carturan had arrived in New York on May 6 for what he believed was a business meeting with Woeltz.
Instead, according to law enforcement, Carturan was forcibly detained, stripped of his passport and electronic devices, and subjected to sustained physical and psychological abuse. The goal, authorities believe, was to coerce access to Carturan’s Bitcoin wallet, which reportedly holds a significant amount of cryptocurrency.
The victim reported being electroshocked, beaten, assaulted with a firearm, and dangled from the upper floors of the five-story property. He also stated that Woeltz threatened his family, forced him to smoke crack cocaine, and inflicted knife wounds, including cutting his leg with a saw. Polaroid photographs found at the scene corroborated the victim’s claims.
Carturan managed to escape on May 23 by convincing his captors he would provide wallet credentials. He seized a moment of isolation to flee the premises and flagged down a traffic officer, which led to Woeltz’s arrest the following day. A 24-year-old woman, identified as Beatrice Folchi and alleged to be Woeltz’s assistant, was also taken into custody but has not yet been formally charged.
Woeltz pleaded not guilty during his arraignment in Manhattan Criminal Court. He is currently being held without bail and is scheduled to appear in court again on May 28.
Rising Security Threats in the Crypto Sector
The case has reignited concerns within the cryptocurrency industry regarding the personal safety of investors and executives. In recent months, private security firms have reported a surge in demand for bodyguards and long-term protection services from high-net-worth individuals in the crypto space.
Amsterdam-based Infinite Risks International noted a sharp increase in inquiries following similar abductions in Europe. French authorities, in particular, have responded by offering enhanced security briefings and prioritizing law enforcement support for crypto entrepreneurs and their families.
The kidnapping of David Balland, co-founder of Ledger, in January 2025 and the thwarted ransom attempt involving the father of a crypto entrepreneur in May 2024 highlight the growing physical risks associated with digital asset ownership.
As the value of Bitcoin and other cryptocurrencies climbs, so too does the risk profile of those who hold or manage substantial crypto assets.
