Bitcoin Investor Endures Weeks of Torture in Manhattan Kidnapping
In a shocking crime that highlights the growing dangers surrounding cryptocurrency investments, Italian businessman Michael Valentino Teofrasto Carturan was kidnapped and brutally tortured for nearly three weeks in a luxurious Manhattan mansion. The motive? His Bitcoin wallet, allegedly worth tens of millions of dollars.
Carturan’s ordeal came to light on May 23, 2025, when he managed to escape his captors. Barefoot, visibly injured, and carrying only a small bag, he desperately sought help from a New York City traffic officer.
Police swiftly responded and discovered a scene of horror at the NoLita residence. The mansion revealed traces of blood, firearms, a bulletproof vest, electrical wires, broken objects, and disturbing photos of the victim being tortured.
Investigations revealed that Carturan had been lured back to New York by John Woeltz, a former business partner known as the “Kentucky crypto king.” The two had previously collaborated on a cryptocurrency hedge fund.
Three Weeks of Unspeakable Torture
Upon arriving at the property on May 6, Carturan was immediately taken hostage. His belongings were confiscated, and he was held under constant surveillance.
During his captivity, Woeltz and another investor, William Duplessie, employed brutal methods to try and force Carturan to reveal the password to his Bitcoin wallet.
Prosecutors allege that Carturan was bound with electrical wires, beaten with a pistol, forced to consume crack cocaine, electrocuted with a Taser, submerged in cold water, and threatened with death. The torture was extreme.
“He was amarrado com fios elétricos, espancado com uma pistola, forçado a consumir crack, eletrocutado com uma Taser, submerso em água fria e ameaçado de morte.”
Reports indicate that he had parts of his body cut with a power saw and was even hung from the mansion’s five-story staircase. At times, his captors urinated on him.
Security footage captured Carturan and Woeltz walking the streets of Manhattan before the kidnapping. Financial disagreements between Woeltz and Carturan in the past may have fueled the crime.
After failing to obtain the password through “normal” means, Woeltz allegedly enlisted the help of Duplessie, a former co-founder of the Swiss Pangea Blockchain Fund, to carry out the plan.
Both suspects have a history of lavish lifestyles and debt. Duplessie had previously faced lawsuits for defaulting on rent and luxury car financing, including a Lamborghini Huracán, and had a record of traffic violations and accidents.
Carturan’s escape brought the criminal operation to an end. Woeltz was arrested on the same day, while Duplessie surrendered to police four days later after spending the weekend in the Hamptons.
Duplessie was charged with kidnapping, unlawful imprisonment, assault, and illegal possession of a weapon. Judge Julieta Lozano denied his bail request, even with the offer of electronic monitoring and residence with his father in Florida.
Beatrice Folchi, Woeltz’s 24-year-old assistant, was also arrested but later released after prosecutors requested more time for investigation.
Authorities are also investigating potential links between the crime and activities in Switzerland, where Duplessie had previously faced legal issues.
This case serves as a stark warning about the rising tide of violent crimes associated with the cryptocurrency world, particularly so-called “wrench attacks,” where criminals use physical torture to gain access to digital wallets.
This practice is becoming increasingly common globally, with recent cases reported in France, where entrepreneurs in the sector have been victims of kidnappings, threats, and mutilation.
As Woeltz remains detained on Rikers Island and Duplessie awaits the next steps in the legal process, this case serves as a critical reminder for investors holding large amounts of digital assets.
Security, often viewed as solely a cyber concern, now extends to the physical realm, with real, dangerous, and increasingly frequent consequences.
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