John Woeltz was arrested in New York City on Friday for allegedly kidnapping and torturing a man in an attempt to access his Bitcoin (BTC) password. Once celebrated as a rising star in the crypto world, Woeltz, known as the “crypto king of Kentucky,” now faces serious criminal charges.
The victim flagged down a traffic agent, who promptly notified the police. Carturan had reportedly been held captive for three weeks within the 17-room residence. Prosecutors allege that during his captivity, Woeltz and his accomplice, William Duplessie, subjected Carturan to severe torture.
Reports indicate that he was pistol-whipped, shocked with a taser, forced to smoke crack cocaine, and even had his leg cut with a saw. Carturan also recounted a harrowing experience of being suspended over a ledge at the top of the five-story building.
Neither Woeltz’s nor Duplessie’s lawyers provided immediate comments regarding the allegations. However, court documents indicate that Woeltz has been charged with kidnapping, assault, unlawful imprisonment, and criminal possession of a firearm.
Woeltz’s background paints a stark contrast to his current predicament. Growing up in Paducah, Kentucky, he moved to invest in tech startups after graduating from the University of Kentucky.
In recent years, Woeltz had shifted his focus to Bitcoin mining in Kentucky, even joining a state technology working group aimed at integrating blockchain technology into critical infrastructure and public services.
As of this writing, Bitcoin was trading at $108,680, with no change from Monday’s price. Compared to its recently reached record high of $111,800, BTC is trading over 3% below. However, in the monthly time frame, the Bitcoin price has held onto gains of 17%.
Featured image from DALL-E, chart from TradingView.com
