Two Crypto Investors Denied Bail in Manhattan Bitcoin Kidnapping Case

TLDR

Table of Contents

William Duplessie, 32, was indicted Friday on kidnapping, assault, and weapons charges related to a Bitcoin ransom plot in Manhattan
The victim, a 28-year-old Italian national, was held captive for 17 days in a Soho townhouse and tortured with electrical wires and beatings
Co-defendant John Woeltz, 37, was previously denied bail on a $2 million bond request; both men remain in custody
The victim escaped barefoot and bloodied onto Manhattan streets after pretending to agree to surrender his Bitcoin password
Police found weapons, drugs, body armor, and Polaroid photos of the victim with a gun to his head during their search

A Manhattan grand jury has indicted two cryptocurrency investors accused of kidnapping and torturing an Italian national for 17 days to access his Bitcoin wallet. The case has shocked the crypto community and highlighted growing concerns about violent “wrench attacks” targeting digital asset holders.

William Duplessie, 32, received his formal indictment Friday on charges including kidnapping, assault, unlawful imprisonment, and weapons possession. His alleged accomplice, John Woeltz, 37, was denied bail Thursday despite his attorney’s request for a $2 million bond.

The victim, a 28-year-old Italian businessman, was lured to a luxury Soho townhouse on May 6 through threats against his family. Both defendants knew the victim personally before the alleged crime, according to authorities.

For over two weeks, prosecutors say the victim endured horrific abuse. The captors allegedly tortured him with electrical wires, forced him to smoke cocaine from a crack pipe, and physically beat him repeatedly. In one instance, they dangled him from a five-story staircase.

The defendants also threatened the victim with firearms and took Polaroid photographs of him with a gun pointed at his head. These photos were later discovered during a police search of the townhouse.

The Escape

The kidnapping ended on the morning of May 23 when the victim managed to flee. After being pistol-whipped by Woeltz, the victim believed he would be killed and pretended to agree to surrender his Bitcoin password.

While his captors left to retrieve a laptop, the victim rushed downstairs and escaped onto the streets. He was found disheveled, bloodied, and barefoot by a traffic enforcement officer on Mulberry Street.

Evidence and Arrests

Police searched the Soho townhouse and discovered disturbing evidence. They found a saw, cocaine, chicken wire, body armor, night-vision goggles, ballistic helmets, and ammunition throughout the property.

The Polaroid photos showing the victim under duress provided crucial evidence for prosecutors. The images depicted the victim with weapons pointed at him and while being forced to use drugs.

Duplessie surrendered to Manhattan police on Tuesday of last week. A third individual, Beatrice Folchi, was also arrested and charged with first-degree kidnapping and unlawful imprisonment but was released pending further investigation.

Court Proceedings

At Thursday’s hearing, Woeltz’s attorney Wayne Gosnell emphasized his client’s lack of criminal record and professional background. Gosnell described Woeltz as successful in the technology world with a philosophy degree.

The defense also disputed prosecutor claims about Woeltz owning a private jet and helicopter. Gosnell requested that his client not be required to surrender legally owned firearms in Kentucky.

Despite these arguments, the judge denied bail for Woeltz due to the severity of the charges. Duplessie had previously requested $1 million bail but was also denied.

Both defendants’ indictments will remain sealed until their arraignment on June 11. They remain in custody as the case proceeds through the Manhattan court system.

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