John Woeltz, once known as the “Crypto King of Kentucky,” has fallen from grace. His story is a dramatic tale of wealth, kidnapping, torture, and a potential 25-year prison sentence.
Kidnapping and Torture for Bitcoin
Woeltz, reportedly worth $100 million, allegedly kidnapped and tortured an Italian Bitcoin investor in New York City. The horrifying ordeal lasted over two weeks. The victim was held captive, bound with electrical wire, and threatened with a gun. Woeltz even used a chainsaw to injure the victim, and photos reportedly show the victim forced to consume cocaine. The torture was documented with Polaroids. To add to the terror, Woeltz threatened to kill the victim’s family in Italy if he didn’t reveal his Bitcoin password. At one point, Woeltz even dangled the victim over a stairwell, threatening to kill him.
A Narrow Escape
The victim eventually managed to escape. He feigned cooperation, offering to provide the password. When Woeltz turned his back to retrieve a computer, the victim fled to the street and contacted the police.
The Arrest and Charges
Woeltz was arrested and charged with several serious felonies, including kidnapping, assault, unlawful imprisonment, and weapons possession. He’s been denied bail and faces 15 to 25 years in prison if convicted.
A Crypto Expert’s Dark Side
Ironically, Woeltz had a reputation in the crypto world, particularly for his expertise in blockchain security. He even spoke at a crypto conference about security audits. His fall from grace is a stark reminder that even those with expertise in security can commit horrific crimes.
