Two Men Granted Bail in Crypto Extortion Kidnapping Case

John Woeltz, 37, and William Duplessie, 33, have been granted $1 million bail each after being accused of kidnapping and torturing a 28-year-old cryptocurrency trader in a Manhattan townhouse as part of a crypto extortion plot. The two men pleaded not guilty to charges of kidnapping, assault, and coercion.

The case has captured significant attention, given its violent nature and connection to the cryptocurrency world. The judge presiding over the case, New York Supreme Criminal Court Judge Gregory Carro, granted bail on Wednesday, despite the severity of the accusations.

Details of the Kidnapping and Torture

The crime took place on May 6, when the victim, a cryptocurrency trader from Italy, was allegedly abducted upon arriving in New York. According to Manhattan prosecutors, Woeltz and Duplessie held the man hostage for several weeks as they sought to force him to reveal his Bitcoin credentials.

During this time, the victim was subjected to horrific treatment, including:

Beatings
Shocking with wires
Pistol-whipping
Threats of being thrown off a balcony
Threats to kill the victim’s family

One of the most chilling pieces of evidence presented was a photo showing a firearm pointed at the victim’s head.

Victim’s Daring Escape and Discovery of Evidence

The victim managed to escape in late May after a clever ruse. He convinced one of the suspects to allow him access to his laptop, claiming that the password was stored on it. When left briefly unattended, he seized the opportunity to flee the townhouse and sought help from a nearby traffic officer.

The victim was later hospitalized with injuries consistent with his accounts of abuse. Authorities moved quickly after the escape, arresting Woeltz on-site. Duplessie, who is reportedly a Miami resident, surrendered to authorities days later.

A police search of the townhouse uncovered a cache of evidence suggesting the crime was meticulously planned. Among the items found were:

Drugs
Weapons
Body armor
Surveillance tools
Electronic Monitoring and Bail Conditions

As part of their bail conditions, both Woeltz and Duplessie have been ordered to wear electronic ankle monitors, surrender their passports, and undergo security inspections every 72 hours. Crime reporter Lauren Conlin, who attended the hearing, shared the news on X (formerly Twitter).

The defense, however, has claimed that the incident was a “hazing” and that the victim had allegedly expressed a desire to be part of the “lifestyle.” They described the events as “17 days of shenanigans” rather than a calculated, malicious crime.

This case sheds light on an alarming trend that’s growing within the cryptocurrency industry. As the value of digital currencies rises, so does the risk for high-profile figures in the space. Executives and investors are increasingly seeking personal security services as kidnapping and ransom cases continue to surge.

For example, Infinite Risks International, a private security firm based in Amsterdam, reported a rise in requests for bodyguards and long-term protection contracts from crypto industry leaders. The company noted an uptick in such requests, particularly in France, as crypto-related crimes become more prevalent.

The next court date for Woeltz and Duplessie is set for October 15. As the case continues, the defense will likely push for reduced charges, while prosecutors will seek to bring to light the full extent of the kidnapping and extortion plot.

This case highlights the dark side of the cryptocurrency boom, where wealth and anonymity can sometimes make individuals vulnerable to dangerous extortion tactics. With rising concerns over personal security, especially for those involved in high-stakes crypto trading, it’s clear that safety is becoming a critical issue within the industry.