Additional Coverage:
- ‘Crypto king of Kentucky’ arrested for allegedly torturing man with saw and electricity in bid to steal his Bitcoin (fortune.com)
A Kentucky man once lauded as a rising star in the cryptocurrency world is now facing serious criminal charges in New York City. John Woeltz, 37, also known as the “crypto king of Kentucky,” was arrested on Friday following a harrowing incident in his luxury NoLIta apartment.
According to reports, a 28-year-old Italian citizen, Michael Valentino Teofrasto Carturan, managed to escape the 17-room townhouse after being held captive for three weeks. Carturan immediately flagged down a traffic agent, who then contacted the police.
Prosecutors allege that Woeltz, along with an accomplice, William Duplessie (arrested Tuesday), subjected Carturan to brutal torture. The accusations include pistol-whipping, taser shocks, forced drug use, and even suspending Carturan over a ledge of the five-story building.
Carturan told authorities the ordeal began after he arrived at the townhouse on May 6. He claims Woeltz and Duplessie confiscated his passport and electronic devices, demanding the password to his Bitcoin wallet, which reportedly holds millions of dollars in cryptocurrency.
Woeltz’s background paints a stark contrast to the crimes he’s now accused of. He hails from Paducah, Kentucky, and after graduating from the University of Kentucky, moved west to invest in tech startups.
Around 2018, he entered the crypto space, participating in a winning team at an Ethereum-focused hackathon. He later became the managing director of Silicon River Capital and a blockchain-based investment fund.
More recently, Woeltz was involved in Bitcoin mining in Kentucky and even participated in a state working group focused on blockchain technology applications.
Woeltz is currently facing charges including kidnapping, assault, unlawful imprisonment, and criminal possession of a firearm. His arrest highlights a disturbing trend of violent kidnappings targeting wealthy cryptocurrency owners, a phenomenon that has even spurred the creation of specialized insurance policies. Lawyers for Woeltz have not yet commented on the situation, and lawyers for Duplessie declined to comment.