A cryptocurrency investor and his assistant have been arrested in New York City after allegedly orchestrating a brutal kidnapping and torture scheme targeting an Italian businessman inside a luxury SoHo apartment.
John Woeltz, a 37-year-old crypto trader from Kentucky, reportedly lured the 28-year-old victim to the United States under the guise of a business meeting. Upon arrival, the man was allegedly imprisoned in a $30,000-a-month apartment where he endured over two weeks of physical and psychological abuse.
According to investigators, the victim was beaten, electrocuted, drugged, and threatened with an electric chainsaw. The attackers allegedly demanded access to his cryptocurrency accounts. Law enforcement later recovered weapons, Polaroid photos documenting the abuse, and other disturbing evidence inside the residence.
The victim managed to escape on May 23 by alerting a traffic enforcement officer. He was immediately taken to the hospital and is reported to be in stable condition.
Woeltz is now facing charges including first-degree kidnapping, assault, and unlawful imprisonment. His 24-year-old assistant, Beatrice Folchi, was also arrested and charged with assisting in the crime. A third suspect has not yet been located, and authorities continue their investigation.
The case has rocked the digital finance world, raising urgent concerns about the dark intersections of cryptocurrency, fraud, and physical violence.