Kentucky ‘crypto king’ tortured man for weeks to get Bitcoin, sources say – NBC New York

The 37-year-old Kentucky man charged with the kidnapping and torture of an Italian man allegedly held captive for weeks inside a Manhattan townhouse aimed to get the person’s password to Bitcoin, regulation enforcement sources say.

John Woeltz, additionally identified by some because the “crypto king of Kentucky,” was arrested Friday and arraigned on prices of kidnapping, illegal imprisonment and assault, amongst different prices.

Regulation enforcement sources mentioned Woeltz and a enterprise associate spent the previous few weeks torturing their third associate, an Italian citizen, who arrived in New York Metropolis in early Might. Investigators imagine the connection among the many three males had been tumultuous up to now, however got here to a head when the Italian arrived on Might 6.

Woeltz and the opposite associate are accused of taking the sufferer’s passport and digital units, then demanding his Bitcoin password. When the 28-year-old refused, police mentioned Woeltz and the opposite man pistol-whipped the sufferer, held a gun to his head, used a chainsaw on his leg, urinated on him, tied his wrists, dangled him off the constructing and threatened his household.

When the sufferer managed to escaped on Friday morning, greater than two weeks after the torture began, police discovered him coated in cuts and bruises. There have been ligature marks on his wrists from being certain.

Detectives are nonetheless looking for the third enterprise associate.

Following the arrest of Woeltz, investigators allegedly discovered a trove of proof on the rented out dwelling. Regulation enforcement sources mentioned they turned up a number of Polaroid footage of the sufferer being tied up and tortured. Investigators additionally reportedly recovered a gun and several other torture objects.

Authorities imagine Woeltz is a big-name crypto forex dealer from Kentucky with an estimated price round $100 million. He had reportedly been renting out the Nolita residence at a month-to-month charge of not less than $30,000.

The posh six-story Prince Road townhouse had an elevator and was described by sources as a high-end frat home with bottles of liquor strewn about and stripper poles within the basement. Neighbors mentioned they may hear loud partying in any respect hours of the evening, however that they had no concept of the alleged torture occurring inside its partitions.

Woeltz is being held with out bond. His legal professional didn’t communicate to the media after a Saturday morning arraignment.