Italian Tourist Escapes Alleged Crypto Extortion Plot in New York

An Italian man narrowly escaped a harrowing ordeal in New York after being kidnapped and tortured in an alleged scheme to extract access to his digital wealth.

Two individuals were arrested in connection with the case, which unfolded in a luxury SoHo apartment earlier this month.

According to local reports, the victim had arrived at the apartment on May 6 under the impression he was meeting for a business deal. Instead, he was restrained, physically assaulted, and pressured to hand over control of financial accounts containing what was believed to be millions. He later managed to flee and contact authorities.

One of the suspects, 37-year-old John Woeltz, was arraigned and ordered held without bail. Once involved in the cryptocurrency space, Woeltz had previously contributed to early blockchain projects such as HCash and privacy-focused token Grin. His activity in the crypto scene reportedly dwindled after 2020.

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Police recovered Polaroid images from the crime scene that documented the abuse, including one showing a firearm aimed at the victim. Investigators believe the attack was premeditated, and that the victim feared for his life before escaping.

Charges against Woeltz include kidnapping, unlawful imprisonment, and weapons possession. A 24-year-old woman, alleged to be his accomplice, faces similar charges.

The case comes amid a disturbing global trend: a rise in violent crimes targeting individuals known to hold significant cryptocurrency assets, underscoring the growing real-world risks tied to digital wealth.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.