Crypto Millionaire Nightmare
Kidnapped and Beaten for Wallet Access
The latest headline grabbing attention in New York City involves a terrifying crime centered around a crypto millionaire. An Italian cryptocurrency entrepreneur, Michael Valentino Teofrasto Carturan, claims he was kidnapped and tortured in a luxury Manhattan apartment. The goal? To force him to reveal the password to his valuable bitcoin wallet. This shocking case has left many wondering how safe it is to become wealthy through crypto.
The story began in early May, with flashy parties and a glamorous lifestyle that seems straight out of a movie. Carturan had just arrived in New York when he visited the $30,000-a-month rented apartment of John Woeltz, a man known in the media as the "crypto king of Kentucky." What seemed like a friendly visit turned into a nightmare. According to police, Carturan was held against his will for 17 days while his captors tried to gain access to his crypto assets.
Carturan finally escaped on May 23, running barefoot through the streets of Soho to get help from a nearby police officer. Authorities quickly arrested Woeltz, who now faces serious charges including kidnapping, assault, and weapons possession. His assistant was also detained but hasn’t been charged. A third suspect, William Duplessie, a startup founder from Miami, turned himself in and faces similar charges.
According to investigators, Carturan had his electronic devices and passport taken away shortly after arriving. The kidnappers demanded his bitcoin password and used violent tactics when he refused. They reportedly hit him with a rifle, threatened him with the weapon, and even considered throwing him out the window. Despite this horror, Carturan never gave in to their demands.
Lawyers for Woeltz claim that he has no criminal history and holds a philosophy degree. They deny that he owns a private jet or a helicopter, but admit that he enjoys a lavish lifestyle. Photos and videos have surfaced showing him at wild parties in elite New York nightclubs, raising questions about how deep his involvement in the crypto world really goes.
The case is not an isolated one. As the price of bitcoin rises, more criminals are targeting wealthy crypto holders. Experts say that crypto millionaire status comes with unique risks. Unlike traditional banks, crypto wallets can be accessed instantly with just a password—making them attractive targets for criminals.
Adam Healy, CEO of Station70, a firm that protects crypto users, says such crimes are becoming more common and more ruthless. He shared that in recent months, there’s been a noticeable rise in kidnappings involving crypto investors and executives. The speed and secrecy of crypto transactions make them a perfect target for criminals.
The chilling truth is that while becoming a crypto millionaire sounds exciting, it also comes with dangers that can’t be ignored. As this case shows, digital wealth can be just as risky as it is rewarding. With crypto's popularity growing, the need for better security and awareness has never been more urgent.
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