Man Allegedly Held Hostage for Three Weeks in Manhattan Apartment, Tortured In Attempt To Gain Access to Bitcoin Wallet

A crypto investor was allegedly held hostage in New York City and tortured for weeks in an effort to steal his Bitcoin (BTC) holdings.

According to a new Associated Press report, crypto investor John Woeltz, 37, allegedly kidnapped another investor, holding him in a Manhattan apartment, where he was beaten and had his family’s lives threatened to get him to give up his Bitcoin wallet passphrase.

Woeltz was arrested after the victim escaped and flagged down a traffic officer on the street for help. He is now facing charges of kidnapping, assault, unlawful imprisonment and criminal possession of a firearm.

Woeltz is being held without bail, after prosecutors said he was a flight risk due to owning a private jet and a helicopter. Woeltz’s attorney, Wayne Gosnell, declined to comment.

The victim, whose name has not been released, recently arrived in New York City from Italy. It is not clear how the victim knew the alleged kidnapper. The abduction is thought to have occurred on May 6th.

It appears others were involved in the scheme, including an unnamed unapprehended male.

The victim was allegedly bound by the wrists and tortured for weeks inside the apartment, including being drugged, shocked with electricity, hit in the head with a firearm and dangled over a flight of stairs – all to get him to reveal his Bitcoin wallet passphrase so the suspect could steal his digital assets.

The victim was reportedly able to flee when the suspect turned his back to retrieve the man’s laptop in another room after he said he would give up the password when he thought the suspect was going to shoot him.

When authorities searched the apartment, they said they found cocaine, a saw, chicken wire, body armor and night vision goggles, ammunition and Polaroid photos of the victim with a gun pointed to his head.

Woeltz is due back in Manhattan criminal court next week.