Two defendants, John Woeltz and William Duplessie, have pleaded not guilty to charges of kidnapping and false imprisonment involving Michael Valentino Teofrasto Carturan, a cryptocurrency holder visiting New York City. The defendants allegedly abducted Carturan and subjected him to torture, including electric shocks and beatings, to extract information to access his crypto wallet. Justice Gregory Carro ordered them to be held without bail, and if convicted, both could face life in prison. The men are accused of holding Carturan in an apartment in Soho for three weeks until he managed to escape and contact the authorities. The case highlights a troubling trend of attacks targeting individuals associated with large cryptocurrency holdings. Additionally, two NYPD officers have been assigned modified duties amidst allegations of their involvement in the incident, though neither faces charges currently. As the crypto environment in New York City evolves, Mayor Eric Adams has advocated for a more crypto-friendly atmosphere, aiming to end the BitLicense program that regulates digital asset businesses operating in the state.

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