As Bitcoin and the broader crypto market continue their bullish climb, a disturbing story out of New York has cast a shadow over the glitter of digital riches—a stark reminder of the very real risks that come with decentralized wealth.
Earlier this month, a 28-year-old Italian national escaped from an $8 million Manhattan townhouse, barefoot and bloodied, after being held captive for 17 days. His captors? Two American crypto investors who allegedly tortured him in an attempt to steal access to his Bitcoin wallet.
The Anatomy of a Crypto Kidnapping
According to police reports and multiple outlets including the BBC and AP News, the victim arrived in New York on May 6, only to have his passport taken and be forcibly imprisoned in the SoHo property. Over the next two weeks, he was pistol-whipped, shocked with electrical wires, cut with a saw, forced to smoke crack cocaine, and even dangled over a staircase—an increasingly brutal campaign to extract his wallet credentials.
When he finally gave up his password, the suspects momentarily left him unattended while retrieving his laptop. Seizing the chance, the victim fled into the street and flagged down help. His escape led to the arrests of two suspects: John Woeltz, 37, a wealthy crypto investor from Kentucky, and William Duplessie, 32, a blockchain fund manager. Both face multiple felony charges including kidnapping, assault, and unlawful imprisonment.
Crypto’s Wealth—And Risk—Are Growing
This is not an isolated case. From attempted kidnappings in Paris to hostage plots in Connecticut, the rise in “wrench attacks”—physical assaults aimed at obtaining crypto—has become a global trend. With digital assets often stored in non-custodial wallets that require only a seed phrase for access, there’s no reversing a theft once the phrase is surrendered. No bank to freeze the funds. No password reset.
Anonymity, portability, and irreversibility—these hallmarks of crypto’s power also create a perfect storm for those who would use violence to extract it.
A Wake-Up Call for Crypto Users
As the newest high value of Bitcoin pushes past $110,000 and retail interest surges, this case is a chilling reminder that digital riches can bring physical risk. It’s also a call for heightened security awareness.
Use multi-signature wallets. Don’t flaunt holdings online. Avoid sharing wallet access or balances, even with acquaintances. And if you’re sitting on significant holdings, consider keeping them offline in cold storage—and telling absolutely no one.
Crypto gives us freedom, but that freedom comes with new responsibilities.
Stay safe. Stay smart. And stay earning—on your terms.