American Crypto Horror Story: How an Italian Millionaire Was Tortured for Bitcoin

More chilling details are emerging following a string of arrests in the brutal torture of an Italian crypto entrepreneur in New York. The attackers were after his Bitcoin password. Today, police took William Duplessie into custody—the third suspect linked to the case.

Investigators believe John Woeltz, the alleged mastermind, has a $100 million net worth and ties to the victim. He remains the only one charged with physically carrying out the torture, raising questions about whether this was more than just a financial crime.

New York Bitcoin Torture Scandal – What Are the Facts?

The crypto industry has experienced no shortage of scams, hacks, and financial crimes, but a darker wave is rising. Last Friday, John Woeltz was arrested for allegedly torturing Michael Valentino Teofrasto Carturan to obtain his Bitcoin password.

Today, arrests have been continuing, as alleged accomplice William Duplessie was also picked up by the NYPD.

Now that these men are under arrest, more details about the Bitcoin torture are coming to light. Carturan, a 28-year-old Italian crypto entrepreneur, was allegedly abducted on May 8 and spent the next weeks being brutalized in a high-class Nolita apartment.

After fearing that his kidnappers would kill him, Carturan managed to escape without divulging his password.

A limited profile of each of the kidnappers is beginning to appear. Crypto investor John Woeltz, age 37, received kidnapping, assault, and firearms charges from prosecutors.

Duplessie, age 33, faces kidnapping and false imprisonment charges, but nothing involving violent offenses. This suggests that Woeltz was the main figure of the abhorrent Bitcoin torture plan.

Additionally, prosecutors arrested a third potential accomplice but subsequently released her, deferring prosecution for the time being.

Beatrice Folchi, age 24, has an unclear connection to the other perpetrators. Media coverage has speculated on her level of involvement, but the current evidence suggests that she had little to do with luring Carturan to his ordeal.

On social media, several users have accused Folchi of previously trying to honeytrap crypto figures.

A Personal Motive?

Instead, Woeltz and Carturan had apparently been business partners in a crypto hedge fund before falling out. Carturan returned to Italy, but Woeltz persuaded him to return to a swanky Manhattan apartment, potentially to rekindle their association.

Instead, Carturan was tortured for his Bitcoin password, beaten, threatened, forced to smoke crack cocaine, and worse.

Amazingly, Woeltz was independently quite wealthy, reportedly worth around $100 million from his prior crypto investments. Law enforcement hasn’t directly speculated on his motive, but personal resentment may have played as much of a role as the lure of Carturan’s Bitcoin holdings.

Unfortunately, this high-profile incident is just one knot in a string of kidnapping incidents, frequently involving torture over Bitcoin wallets. An organized gang in France has been targeting crypto entrepreneurs, prompting the authorities to impose new security measures.

Woeltz’s high net worth may complicate the narrative that this torture was done only for Bitcoin. However, with lurid stories like this taking place on multiple continents, that detail may not matter.

Crimes like this could attract a gargantuan payout, encouraging copycats worldwide. For now, this unsettling trend doesn’t look like it will stop anytime soon.