A Kentucky crypto entrepreneur, once hailed as a rising star, is now facing serious charges after allegedly kidnapping and torturing a man to steal his Bitcoin.
The Kidnapping and Escape
John Woeltz, nicknamed the “crypto king of Kentucky,” was arrested in New York City. His victim, 28-year-old Michael Valentino Teofrasto Carturan, escaped from Woeltz’s luxurious NYC townhouse after three weeks of captivity and alerted the police.
Carturan described horrific torture, including being pistol-whipped, tased, forced to smoke crack cocaine, and even having his leg cut with a saw. He also claimed he was dangled over a ledge of the five-story building. The ordeal allegedly started when Carturan, a business associate of Woeltz, visited the townhouse. Woeltz and his accomplice, William Duplessie, allegedly seized Carturan’s passport and electronics, demanding his Bitcoin wallet password, which reportedly contained millions of dollars.
Woeltz has been charged with kidnapping, assault, unlawful imprisonment, and weapons possession. Neither Woeltz nor Duplessie’s lawyers have commented publicly.
From Crypto Success to Criminal Charges
Woeltz’s story is a dramatic fall from grace. After graduating from the University of Kentucky, he invested in tech startups and then entered the crypto world in 2018. He achieved success, winning a hackathon and becoming a managing director of a blockchain investment fund. More recently, he focused on Bitcoin mining in Kentucky and even worked on integrating blockchain technology into the state’s infrastructure.
A Growing Problem?
This case highlights a worrying trend: violent crimes targeting wealthy Bitcoin owners. The increase in these incidents has even led some to seek specialized insurance against such attacks.
Bitcoin’s Price
At the time of writing, Bitcoin was trading around $108,680. While slightly down from its recent high, it’s still up significantly over the past month.
