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Two men accused of kidnapping and brutally torturing an Italian cryptocurrency trader in New York City have been granted bail, each set at $1 million. John Woeltz and William Duplessie pleaded not guilty to charges including kidnapping, assault, and coercion. The case highlights a disturbing rise in "wrench attacks" within the crypto community, where physical force is used to extract digital assets.
Key Takeaways
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John Woeltz and William Duplessie were released on $1 million bail each.
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They face charges including kidnapping, assault, and weapons possession.
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The alleged victim was tortured for weeks in an attempt to gain access to his cryptocurrency.
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The defense claims the incident was a consensual hazing, presenting video evidence.
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The case is part of a growing trend of "wrench attacks" targeting crypto holders.
The Alleged Ordeal
The incident reportedly began on May 6 when the 28-year-old Italian trader was lured to a Manhattan townhouse. Prosecutors allege that Woeltz and Duplessie held the victim captive for approximately two weeks, subjecting him to severe physical abuse. This included beatings, electric shocks, and pistol-whipping. The captors also allegedly threatened to kill the victim's family and showed him a firearm pointed at his head, all in an effort to force him to reveal his Bitcoin credentials.
Escape and Arrests
The victim managed to escape in late May by convincing one of his alleged captors to allow him access to a laptop, claiming he needed to retrieve his password. While briefly unattended, he fled the residence and sought help from a traffic officer. He was subsequently hospitalized, with his injuries corroborating his account of the abuse.
Woeltz, described as a cryptocurrency investor from Kentucky, was arrested at the scene. Duplessie, a Miami resident, surrendered to authorities a few days later. A search of the townhouse uncovered a significant cache of items, including drugs, weapons, body armor, and surveillance equipment, suggesting the attack was premeditated.
Bail Conditions and Defense
Manhattan Judge Gregory Carro granted the $1 million bail for both Woeltz and Duplessie, citing concerns over witness reliability and conflicting narratives from both the prosecution and the defense. As conditions of their release, both men are required to wear electronic ankle monitors, surrender their passports, and undergo security inspections every 72 hours. Their next court date is scheduled for October 15.
The defense has presented a starkly different version of events, claiming the incident was a consensual "hazing" and that the victim was not held against his will. They have reportedly provided video footage showing the alleged victim appearing relaxed and engaged in social activities.
Rise of "Wrench Attacks"
This case is emblematic of a broader trend in the cryptocurrency world known as "wrench attacks." These are violent crimes where perpetrators use physical force and intimidation to bypass digital security and extort cryptocurrency from victims. Experts have noted a significant increase in such incidents, with hundreds tracked globally in recent years. Security professionals advise enhanced protective measures for crypto holders, such as multi-signature wallets and duress protocols.
Sources
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Men Accused of Torturing Italian Trader for Crypto Password Granted Bail, Cointelegraph.
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Two Men Charged in NYC Crypto Torture Case Released on $1 Million Bail Each, Decrypt.
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Bot Verification, Bitcoinsensus.
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Suspects in Crypto Torture Case Granted Bail, CryptoRank.
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