A crypto investor from Manhattan, John Woeltz, has been charged with kidnapping and torturing an Italian man in a horrifying attempt to obtain passwords for cryptocurrency wallets. The alarming incident occurred inside a luxury townhouse in Soho, rented for a staggering $30,000 monthly.

The 28-year-old Italian victim reportedly arrived in the US on May 6 and was soon abducted by Woeltz and an accomplice. The attackers stole his passport and electronic devices, demanding passwords to access his Bitcoin wallet. When the victim refused, he faced severe physical abuse.

Police reports describe disturbing acts of torture, including beatings, electric shocks, firearm assaults, and being dangled from upper floors. The victim further revealed to authorities that Woeltz used a saw on his leg and forced him to smoke crack cocaine. Threats were also made against his family members.

The victim managed to escape and alerted police, leading to Woeltz's arrest on May 23. He faces four felony charges, including kidnapping for ransom, and has pleaded not guilty. Currently, Woeltz remains in custody without bail, with the next court appearance scheduled for May 28.

A 24-year-old woman was initially arrested in connection with the crime but was later seen free in New York, with no formal charges appearing in court records.

This disturbing case highlights a growing concern in the cryptocurrency industry. Crypto executives globally, particularly in Europe, have increasingly turned to personal security measures amid rising threats. Recent high-profile kidnappings, including that of Ledger co-founder David Balland in France, have prompted authorities to boost security protocols and provide specialized protection for crypto entrepreneurs and investors worldwide.