John Woeltz, a 37-year-old cryptocurrency investor from Kentucky, was released from Rikers Island on $1 million bond after two months of custody, following his alleged involvement in the kidnapping and torture of an Italian cryptocurrency trader. The decision to grant bond came a week after a Manhattan judge approved the release for Woeltz and his alleged accomplice, 33-year-old William Duplessie. Both men are accused of abducting and physically abusing Italian crypto trader Michael Valentino Teofrasto Carturan, who is said to have possessed cryptocurrency worth $100 million. Woeltz’s attorney, Wayne Gosnell, argued during previous hearings that the alleged torture was akin to ‘fraternity-like hazing,’ which could have influenced the court’s decision to release the suspects pending further proceedings.
Despite the bond release, Woeltz faces strict conditions, including home confinement and electronic monitoring. He is allowed to leave his home only for doctor’s appointments, meetings with his legal team, or emergencies. The release came amid ongoing investigations into the case, where prosecutors detailed the violent tactics used by the suspects. According to the criminal complaint, the pair kidnapped Carturan and subjected him to extreme abuse over the course of three weeks. The alleged torture included electric shocks via wires, a firearm used to hit Carturan on the head causing a laceration, and threats of death if he did not disclose his Bitcoin password. The victims’ family in Italy was reportedly threatened by the suspects during the ordeal, further intensifying the gravity of the alleged crimes.
Carturan’s suffering was exacerbated by the psychological cruelty, including being forced to urinate on himself and take drugs while in captivity. The suspects allegedly drafted a manifesto detailing their plan to steal his cryptocurrency, which they managed to access after his reluctant compliance. However, Carturan eventually escaped the townhouse and reported the incident to a nearby traffic officer, leading to the arrest of both suspects. The case has drawn significant attention due to the intersection of cryptocurrency, financial crime, and the severe physical and psychological violence involved. As both defendants are scheduled to appear in court on October 15, the legal proceedings will likely bring further insights into how the justice system handles such high-profile and brutal crimes in the context of digital finance.