Introduction
Two men are facing serious charges after pleading not guilty to allegations of kidnapping and torturing a cryptocurrency investor in New York City over the course of three weeks. In a case that highlights the rising dangers faced by high-profile cryptocurrency holders, John Woeltz, 37, and William Duplessie, 33, are accused of taking extreme measures to extract a Bitcoin wallet password from their victim.
The Ordeal
The ordeal began on May 6, when the pair allegedly abducted a man from a luxury apartment in SoHo, subjecting him to physical abuse including beatings and electric shocks. Prosecutors revealed that they even dangled him over a staircase in a bid to coercively obtain access to his digital assets. Details suggest that this prolonged torture was aimed at forcing the victim to divulge his wallet password, which would effectively allow the suspects to seize control over his Bitcoin holdings. Prosecutors have indicated that if found guilty, both defendants could be sentenced to life imprisonment for these heinous acts.
A Growing Trend
The case draws attention to a growing trend in which kidnappers are increasingly targeting wealthy individuals invested in cryptocurrency. Unlike traditional financial systems, cryptocurrency transactions lack the ability to be reversed, rendering once-accessed funds nearly impossible to recover and making high-profile investors attractive targets for such violent crimes.
International Context
France, in particular, has seen a surge of similar incidents, with at least six reported cases of crypto-related kidnappings by May 2025. The families of crypto investors also face dangers, illustrated by a past attempt to kidnap the descendants of Pierre Noizat, the CEO of the crypto exchange Paymium.
Expert Advice
For those in crypto, experts advise maintaining a low profile regarding financial holdings and using cold storage methods to secure their assets. This way, they reduce the risk of becoming victims of opportunists targeting individuals known to possess substantial cryptocurrency investments.
