In Manhattan's swanky Nolita neighborhood, a six-story townhouse worth milions became the stage for a real-life crypto thriller you would only read about as a Hollywood script or see in the movies.  A cryptocurrency trader who was lured into New York City on May 6, 2025, found himself trapped in a web of kidnapping, torture, and extortion.  All of this was done by his business partner in an effort to steal his Bitcoin fortune.  Here is the tale of how just owning crypto can potentially be life-threatening.

A CRYPTO KING'S LAIR: FROM PARTY PAD TO TORTURE CHAMBER

John Woeltz, dubbed "crypto king of Kentucky", was living life like a king.  His eight-bedroom townhouse on Prince Street rented for a staggering $75,000 to $90,000 a month.  This was a small showing as to how much money Woeltz was really worth.  No stranger to the high life, Woeltz having a net worth of over $100 million allowed him to do many things the average person may consider over the top.  Extravagant parties including Don Julio tequila and Nobu sushi was a regular occurrence.  His neighbors described the residence as a "high-end frat house", complete with stripper poles in the basement and late night raves that would echo through the streets at all times of the night.  Behind all of this madness, there was something brewing.  

On May 6, and Italian business associate, Michael Valentino Teofrasto Carturan, came to New York to check out the townhouse under false pretenses.  For the next 17 days, Woeltz and his accomplice, 33-year-old William Duplessie, a Miami-based businessman with ties to Switzerland, stripped Carturan of his passport and electronics.  From there they would demand him to release his password containing a $30 million fortune in Bitcoin.  After refusing the requests, things got medieval really quick.

A GRUESOME GAME OF CRYPTO COERCION

There is no way you would think owning crypto alone would put your life in danger.  However, this was the case for Carturan for over 17 days.  He was allegedly bound by his wrists, pistol whipped, and shocked with electrical wires.  They used a chainsaw to cut his leg, they urinated on him multiple times and forced him to smoke crack cocaine.  At one point they even dangled him over the townhouse's staircase threatening to kill him and his family if he didn't give up the password information.  Police found photos of the torture in pictures that were found.  

The scene is worse than a Tarantino flick.  The townhouse, a far cry from its Instagram-worthy exterior, was littered with evidence: a saw, chicken wire, body armor, night vision, goggles, and even cocaine.  The evidence of a crypto-fueled dream gone horribly wrong. 

THE GREAT ESCAPE & A CITY SHOCKED

After several days of torture, Carturan finally saw his chance.  On May 23, 2025 believing he was about to be shot, he told his captors he would give up the information they were seeking which was stored on his laptop.  When Woeltz and Duplessie left to retrieve the laptop, Carturan took off.  Barefoot and bloodied, he sprinted down Spring Street, flagging down a traffic agent.  Video has been obtained by NBC New York showing the Carturan running fr his life.

Police swarmed the townhouse, arresting Woeltz on the spot- barefoot and in a bath robe.  Duplessie, however, slipped away only to surrender to the NYPD's Major Case Sqaud on May 27 after days of negotiating.  Both men are now facing charges of kidnapping, assault, unlawful imprisonment, and criminal possession of a firearm.  A third suspect, 24-year-old Beatrice Folchi was briefly detained but released after further investigation.

THE CRYPTO CRAZE MEETS TRUE CRIME

This isn't just a crime story- it's a window into the high stakes, high drama world of cryptocurrency.  What many are trying to understand is why this all happened.  Woelz had more money than Carturan but still decided to try to steal Carturan's fortune.  Was it pure greed, jealousy, or a combinatin of both?

Woelz, with his private jet and helicopter, and Carturan with his $30million Bitcoin stash, represent the wild west of wealth in the crypto era that is just beginning.  The Nolita townhouse, now wrapped in police tape, has become a morbid tourist attraction, as some have labeled the residence the "crypto torture house".

Disclaimer: This article is meant for general information purposes only and is not investment advice. Investment in cryptocurrency is very risky.

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