NEW YORK, NY — June 10, 2025 — John Woeltz, a Kentucky-based cryptocurrency trader valued at around $100 million, has been indicted in New York following shocking allegations of kidnapping and torture linked to a Bitcoin ransom attempt. This high-profile case sheds light on the dangerous intersections between crypto wealth and violent crime.
Who Is John Woeltz?
John Woeltz, widely recognized as the “Crypto King of Kentucky,” is a prominent figure in the digital asset trading world. Known for his substantial cryptocurrency portfolio, Woeltz’s estimated net worth is approximately $100 million. His reputation as a major player in crypto trading has now been overshadowed by serious criminal accusations.
Details of the Bitcoin Torture Allegations
Authorities allege Woeltz and his associate, William Duplessie, kidnapped an Italian business associate at a Manhattan townhouse. The victim was reportedly held captive and tortured for 17 days. The alleged motive was to force the victim to reveal his Bitcoin password, providing access to potentially vast cryptocurrency holdings.
Evidence and Charges
Following the victim’s escape and immediate report to law enforcement, police conducted a thorough investigation. They uncovered compelling evidence including graphic photos of the victim bound and injured, a firearm, and tools believed to be used during the torture. Both Woeltz and Duplessie face charges of kidnapping, assault, unlawful imprisonment, and criminal possession of a weapon. A New York grand jury has formally indicted Woeltz, and both suspects remain in custody after bail was denied.
Implications for Cryptocurrency Security
This case highlights the risks and ethical challenges that accompany rapid wealth accumulation in the crypto industry. As law enforcement continues to tackle crimes tied to digital assets, this incident serves as a stark warning about potential violence fueled by financial motives within the cryptocurrency community.
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This article was created with AI assistance and curated by DNIR Staff for accuracy and editorial standards.
