[Visual representation of Bitcoin, one of the most popular virtual currency; Photo credit: Pixabay]

A 37-year-old cryptocurrency investor was arrested on Friday night and charged with kidnapping and physical assault after allegedly holding a man captive in a Manhattan apartment for over two weeks while demanding access to the victim’s Bitcoin wallet.

John Woeltz was taken into custody on May 23rd, 2025, when the victim successfully escaped and flagged down a traffic officer for assistance.

The victim was a 28-year-old man who had arrived in New York from Italy but was abducted on May 6th by Woeltz. 

According to police reports, no other connection is known between the two men. 

The victim recounted the horrific torture he experienced during his 17 days of abduction.

According to court documents, the victim endured severe physical and psychological torture during his captivity.

Beyond the assault described above, the torture included drugging, using electric wires to shock him, being hit in the head with a gun, and being dangled over a ledge along with threats to kill him if he continued to resist handing over his Bitcoin password. 

In order to survive, the victim agreed to give Woeltz his password, as it was saved on his computer, which at the time was in another room.

He used the opportunity when Woeltz turned his back on him to run out of the eight-bedroom apartment. 

CNN also stated that upon a closer search, the following items were found in the apartment and later turned in as evidence: cocaine, a saw, chicken wire, body armor, night vision goggles, and Polaroid photos of a gun pointed at the victim’s head.

On May 24th, he was ordered by the court to turn over his passport as prosecutors stated that he had intentions of fleeing via a private jet or a helicopter. 

The inhumane actions committed by Woeltz due to his obsession with virtual currency left a wave of shock among the online community.

Anonymous high schoolers have communicated the following:

“This made me realize why adults always warned us about the danger of addiction to virtual investments. I understand how it can be beneficial for some, but at the same time, it can be very harmful to an individual participating in it or a victim of that person’s actions.”

Another student commented, “I feel like the extremely violent choices showed the dark side of humans. One’s true desire could go a long way, and humans have the intention of doing whatever they can to get their hands on their needs.”

A current college student said, “Why would anyone in their right mind depend their life on crypto? It’s literally a bet, you either win or lose all and with Woeltz actions, I’m guessing he didn’t receive the most positive feedback. I really hope he is penalized with sufficient punishments regarding his poor choices. In another way, I think this can be used as a reminder to others about the negative effects of crypto investments.”

One commonality of all the responses was the awareness of the danger virtual currency can pose if one becomes overly involved in it. 

The investigation remains ongoing, and authorities have not ruled out the possibility of additional charges.

Woeltz is currently being held without bail pending his next court appearance, scheduled for early June.