the staff of the Ridgewood blog
Wall Street NY, a Manhattan cryptocurrency investor has been arrested for allegedly kidnapping and torturing a man over a two-week period in a brutal attempt to steal his Bitcoin, according to the Manhattan District Attorney’s Office.
The suspect, John Woeltz, 37, was arrested Friday at his Prince Street residence in SoHo after the 28-year-old victim managed to escape and flag down an NYPD traffic agent. Authorities say the horrifying ordeal began on May 6, 2025.
What Happened?
According to the criminal complaint, the victim had visited Woeltz’s home to meet him and another unidentified man. Once inside, Woeltz and the accomplice allegedly confiscated the victim’s passport and electronic devices, demanding the password to his Bitcoin wallet.
When the victim refused, the situation escalated dramatically.
The Victim Alleges:
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He was beaten with a gun
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A firearm was held to his head
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He was electrocuted with an electrical wire
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His wrists were bound
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He was nearly thrown down a staircase
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Threats were made against his life and his family
The kidnapping and torture lasted for more than two weeks, during which Woeltz and the second suspect reportedly tried to force the victim to surrender access to his cryptocurrency funds.
Legal Charges Against John Woeltz
Woeltz was arraigned Saturday and charged with multiple serious offenses, including:
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Kidnapping
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Assault
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Unlawful imprisonment
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Criminal possession of a weapon
He is currently being held without bail as he awaits trial. Law enforcement is still actively searching for the second suspect involved in the incident.
An attorney for Woeltz declined to comment on the case.
🪙 Bitcoin and Criminal Activity: A Growing Trend
This incident underscores the growing risks associated with digital currency ownership, particularly in private, high-value peer-to-peer transactions. While Bitcoin and other cryptocurrencies offer financial autonomy, they also present new opportunities for criminal exploitation, especially when large sums are involved.
Stay Safe in the Crypto World
Tips for Crypto Holders:
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Never meet unknown parties alone for financial dealings
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Use cold storage wallets and strong multi-factor authentication
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Keep wallet passwords secure and offline
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If threatened, contact law enforcement immediately
NYPD Seeks Public Help
Police are urging anyone with information about the unidentified accomplice to contact the NYPD’s Crime Stoppers hotline or submit anonymous tips online.
Cryptocurrency Crime on the Rise
This case adds to the growing number of crypto-related crimes in New York and across the globe. As digital assets become more valuable, investors should remain vigilant and security-conscious.
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