In a shocking development, a U.S. cryptocurrency investor, John Woeltz, has been formally charged with kidnapping, assault, and illegal firearm possession after allegedly detaining and torturing a 28-year-old Italian man in a bid to steal his bitcoin holdings.
Victim Held in Luxury Townhouse, Subjected to Abuse
According to authorities, the incident took place in a $30,000-a-month luxury townhouse in California, where Woeltz allegedly held the victim captive for several days. Investigators revealed that the Italian man was subjected to both physical and emotional abuse, including beatings and threats with a firearm, all to gain access to his cryptocurrency wallets.
“This was a calculated and violent attempt to forcefully extract digital assets from the victim,” police stated.
Escape and Arrest
The ordeal ended when the victim managed to escape and flag down a police officer on the street. The police quickly intervened and arrested Woeltz and his accomplices at the property. Law enforcement also recovered unregistered firearms and digital evidence linking the group to the attempted crypto theft.
“The victim is lucky to be alive and was extremely brave to make his escape,” said the lead investigator.
Growing Trend: Crypto-Related Kidnappings on the Rise
This case is part of a disturbing trend of physical attacks targeting cryptocurrency holders. As the value of digital assets like Bitcoin continues to surge, criminals are turning to kidnapping, extortion, and assault to gain control of private keys and wallets.
“These incidents highlight the real-world risks of holding and flaunting large amounts of crypto,” said cybersecurity expert Jake Moore.
In recent years, there have been multiple reports of crypto holders being physically assaulted, with some cases ending fatally.
Conclusion: Stay Safe in the Digital Asset World
This high-profile incident underscores the urgent need for personal security among crypto investors. Whether through cold wallets, legal protection, or anonymity, the message is clear:
Protecting your digital assets now means protecting yourself in the real world too.