In May 2025, Manhattan was shaken by an act of unprecedented violence: a young Italian investor was kidnapped and subjected to torture in a luxury SoHo apartment, all in a bid to extort the password for his Bitcoin account. The arrest of John Woeltz—dubbed the “Crypto King of Kentucky”—cast a harsh spotlight on a disturbing new criminal trend within the digital-currency world.
The Abduction and Captivity of Michael Carturan
On May 6, 2025, 28-year-old Michael Valentino Teofrasto Carturan arrived in New York City to take possession of a penthouse on Prince Street, which he had arranged to rent from an associate with whom he’d previously negotiated financial deals. What began as a routine handover immediately turned into a trap: Woeltz and at least one unidentified accomplice seized Carturan’s passport and all his electronic devices, then bound and confined him.
Over the ensuing days, Carturan endured a calculated campaign of physical and psychological torture intended to force him to divulge his private keys. Law-enforcement sources estimate his Bitcoin holdings at roughly thirty million U.S. dollars. Investigators later recovered Polaroid photographs that graphically document the victim’s injuries.
According to the official complaint, Carturan was tied with electrical cables and repeatedly subjected to high-voltage shocks. He was beaten with fists and clubs, threatened at gunpoint, and shown the perilous drop from the apartment’s fifth floor as a means of intimidation. The captors also administered narcotics against his will and issued threats to harm his family back in Italy should he fail to comply.
A Daring Escape and Immediate Arrest
After twenty days in captivity, on May 23, Carturan spotted an opportunity during a rare moment of negligence by his captors. He broke free, sprinted down the block, and flagged down a traffic enforcement officer, who promptly alerted the New York Police Department. Uniformed officers swarmed the location; Woeltz was arrested on the spot, while 24-year-old Beatrice Folchi—Woeltz’s assistant—was detained briefly and then released pending further inquiry into her role.
Carturan was transported to a nearby hospital for treatment of multiple fractures, concussion symptoms, and wounds consistent with electric-shock trauma. Detectives secured weapons and torture implements at the scene, reinforcing the brutality of the scheme.
Impact on the Cryptocurrency Sector and Preventive Measures
This incident exemplifies a growing pattern: the use of physical coercion to extract digital-asset credentials. As crypto exchanges and custody providers harden their cybersecurity with multi-factor authentication, isolated hardware wallets, and smart contracts featuring timelocks, criminal networks have pivoted to direct-action tactics against high-net-worth individuals.
The fallout is multifaceted. First, retail and institutional investors alike are increasingly wary of “self-custody” solutions, opting instead for professional custodial services despite higher fee structures. Second, major exchanges are forging tighter alliances with law-enforcement agencies, establishing rapid-response units dedicated to tracking and interdicting kidnappings or extortion attempts targeting crypto holders.
On the regulatory front, jurisdictions such as the United States and Germany are weighing mandates for physical-security protocols on wallets exceeding specified value thresholds—comparable to the requirements long in place for large bank deposits. Industry associations within the blockchain community have launched awareness campaigns, offering webinars, workshops, and practical guides to help investors recognize warning signs of an imminent physical attack and implement emergency contingency plans, including direct liaison with local police and engagement of independent key-recovery trusts.
Ultimately, the Woeltz–Carturan case underscores the necessity of a holistic security framework in the crypto domain: it is no longer sufficient to fortify software and networks; the personal safety of asset holders must also be assured. Proposed solutions range from “digital bodyguards”—GPS-based monitoring services for high-profile investors—to instant-alert protocols that mobilize both law enforcement and private-security operatives at the first indication of trouble. Only through such integrated measures can the cryptocurrency ecosystem reconcile the ideals of financial sovereignty with the imperative of personal security.
Sources:
- The Washington Post, “Crypto investor tortured man for weeks for bitcoin password, prosecutors say”
- People, “Crypto Investor John Woeltz Charged with Kidnapping and Torturing Italian Tourist for Weeks in Upscale N.Y.C. Apartment”
- The Times, “Crypto investor ‘kidnapped Italian tourist to steal bitcoin’”
- The Guardian, “Crypto investor in New York charged in kidnapping and torture plot”
- New York Post, “2nd crypto bigwig in SoHo torture case to surrender, sources say”
