In a bizarre and high-stakes crime unfolding in New York, two men are facing kidnapping charges after allegedly attempting to coerce a wealthy Italian cryptocurrency investor into handing over access to his Bitcoin assets.

The dramatic case began in the glamorous nightlife of Manhattan, reminiscent of scenes from films like The Wolf of Wall Street, and concluded on the morning of May 23, when a barefoot man approached a police officer in Manhattan’s Soho district, claiming he had just escaped captivity.

The alleged victim, Italian crypto entrepreneur Michael Valentino Teofrasto Carturan, told police he had been held hostage for 17 days in a luxury $30,000-per-month Manhattan apartment after arriving in the U.S. on May 6.

Officers arrested John Woeltz, 37 — known in tabloid headlines as the “crypto king of Kentucky” — at the scene. He now faces multiple charges including kidnapping, assault, weapons possession, and unlawful imprisonment. Woeltz’s 24-year-old assistant was also detained but has not been charged.

Another suspect, 33-year-old William Duplessie, founder of the blockchain startup Pangea Blockchain International, surrendered to authorities on Tuesday and faces similar charges. Duplessie appeared in court on Friday dressed in a prison uniform.

Details of the Alleged Crime

Authorities say Woeltz and Duplessie seized Carturan’s passport and electronic devices upon his arrival, demanding access to his Bitcoin wallet. When Carturan refused, the suspects allegedly beat him with a rifle, threatened him at gunpoint, and tried to intimidate him by threatening to throw him from the fifth floor of the building.

During a court hearing, Woeltz’s attorney, Wayne Ervin Gosnell, described his client as a college-educated entrepreneur with no criminal history and a degree in philosophy. The defense requested his release on a $2 million bond, while denying media reports that Woeltz owns a private jet or helicopter.

A Glimpse Into a Lavish Lifestyle

Despite not owning the aircraft as rumored, Woeltz is known for an extravagant lifestyle, frequently attending exclusive parties at hotspots like The Box nightclub, according to the New York Post and TMZ, which published photos of the suspects at such events. The Soho apartment where the alleged kidnapping occurred was reportedly the site of multiple upscale gatherings.

Crypto Crimes on the Rise

The case highlights a growing trend in the crypto world: the targeting of high-net-worth individuals for their digital assets. Adam Healy, CEO of Station70, a firm specializing in crypto security, said the increase in Bitcoin's value has made crypto holders more attractive to criminals.

“These types of crimes aren’t new,” Healy said, recalling an earlier case involving a crypto investor kidnapped in Egypt. “But the frequency and ruthlessness have grown.”

Over the past six to eight months, Healy has observed a marked increase in threats against crypto holders, especially those linked to major firms or known to have large portfolios.

“The nature of crypto — easily transferable, with little oversight — makes it a prime target,” he explained. “Unlike traditional bank accounts, where accessing large sums is difficult, all a criminal needs is a login.”