Two men have pleaded not guilty to kidnapping and torturing a cryptocurrency holder in a disturbing case that has shocked both New York City and the global crypto community. John Woeltz and William Duplessie appeared in the New York Supreme Criminal Court this week, where they denied charges of kidnapping and false imprisonment of tourist Michael Valentino Teofrasto Carturan, according to Reuters.

The defendants allegedly abducted Carturan—reportedly a friend—during his visit to NYC and held him captive for nearly three weeks in a SoHo apartment. Authorities claim the men administered electric shocks and brutal beatings to force Carturan to surrender access to his crypto wallet’s seed phrase. Despite the intense ordeal, Carturan eventually escaped and notified the police.

Justice Gregory Carro ordered both Woeltz and Duplessie to remain in custody without bail. If convicted, they each face up to life imprisonment. No trial date has been set.

The case is one of several recent high-profile attacks targeting crypto holders. In France, armed assailants reportedly attempted to kidnap the daughter and grandson of Pierre Noizat, CEO of crypto firm Paymium. Back in New York, two NYPD officers have been placed on modified duty amid allegations of their possible involvement in Carturan’s kidnapping, though no criminal charges have been filed against them.

The incident comes at a time when NYC Mayor Eric Adams is actively promoting the city as a crypto hub. Adams has hosted digital asset events, pushed for BTC-backed municipal bonds, and advocated for dismantling the controversial BitLicense law that regulates crypto businesses in the state.