Arrested Accused in New York's Cryptocurrency Abduction and Torture Incident Secure Bail Release
In a shocking turn of events, John Woeltz, 37, and William Duplessie, 33, two men accused of abducting and torturing an Italian cryptocurrency trader in Manhattan, have been granted bail set at $1 million each. The decision was made by the New York Supreme Criminal Court Judge Gregory Carro on Wednesday, July 24, 2025.
The alleged victim, a 28-year-old Italian cryptocurrency trader who arrived in New York City from Italy in early May, was taken into captivity on May 6, according to police reports. During his weeks-long ordeal, he was physically abused, threatened with death, and coerced to surrender access to his Bitcoin holdings.
The harrowing details of the victim's captivity were revealed by CNN's John Miller, Gloria Pazmino, and Mark Morales. At one point, the victim was dangled over a railing unless he revealed his Bitcoin password. He was also bound, and the accused allegedly threatened to kill his family. The victim was subjected to brutal treatment, including being beaten, shocked with electric wires, and struck in the head with a firearm, according to prosecutors.
The victim managed to escape by convincing one of the suspects to let him use a laptop, then fled and sought help from a traffic officer. Authorities found evidence of the crime at the Manhattan townhouse where the victim was held captive. This evidence included cocaine, a saw, chicken wire, body armor, night vision goggles, ammunition, and polaroid photos of the victim with a gun pointed to his head.
The accused, Woeltz and Duplessie, have pleaded not guilty to multiple charges, including kidnapping, assault, and coercion. Woeltz, a Kentucky native and cryptocurrency investor, was arrested after the victim's escape, while Duplessie, a Miami resident, turned himself in a week later.
As of Wednesday evening, both Woeltz and Duplessie are still in custody. They are subject to strict bail conditions ahead of their next court date on October 15, 2025. CNN has reached out to the Manhattan District Attorney's Office for further comment.
The victim was taken to a hospital for treatment of injuries consistent with his descriptions of being bound and assaulted. The authorities are working diligently to ensure justice is served in this harrowing case.
In the ongoing general-news case, authorities are working to ensure justice is served for the 28-year-old Italian cryptocurrency trader who was subjected to brutal treatment at the hands of accused abductors John Woeltz and William Duplessie, as reported by CNN. Despite being granted bail, both suspects, Woeltz and Duplessie, remain in custody, following multiple charges of kidnapping, assault, and coercion, and await their next court date on October 15, 2025. The US technology industry and general community express concern over the use of technology, including cryptocurrencies, in crimes like this one.
