Kidnappers Of Crypto Trader Released On Bail

The two men accused of orchestrating a harrowing cryptocurrency extortion plot in Manhattan are set free on bail after paying a $1 million bail.

The two kidnappers, John Woeltz, 37, and William Duplessie, 33, both pleaded not guilty to multiple charges including kidnapping, assault, and coercion during a hearing before New York Supreme Criminal Court Judge Gregory Carro.

The incident centers on the alleged abduction of a 28-year-old Italian cryptocurrency trader, who prosecutors say was abducted and held against his will in a Manhattan townhouse.

Over the next 17 days, the victim was exposed to multiple methods of torture, from physical beating, shocked with wires, pistol-whipping, and threats of being thrown off the townhouse's balcony.

At one point, the men even threatened to kill the victim's family. Photos recovered by investigators reportedly even showed a firearm being pointed at the victim's head.

The victim executed his great escape tricking one of his captors to let him use his laptop under the pretense of needing access to his Bitcoin password.

While the victim was unattended, he seized the opportunity to flee the residence and sought aid from a nearby traffic officer. Medical reports confirmed injuries consistent with his account of sustained abuse.

Defence Lawyers Claim It Was Just A Game

Woeltz was arrested at the scene, while Duplessie surrendered to police a few days later.

During a search of the townhouse, law enforcement uncovered a stash of drugs, firearms, body armor, and surveillance devices, as well as evidence suggesting extensive planning of the crime.

The next scheduled court appearance for the defendants is set for October 15.

While the two suspects were released on bail, but they must wear electronic ankle monitors, surrender all passports, and report for security inspections every 72 hours.

A crime reporter also revealed that during the court hearing, the defense lawyers claimed that there were never a kidnapping at the first place and the episode was merely a “hazing” and that the victim was a willing participant of the “shenanigans”.

Crypto Leaders Being The Target Of Attacks

This high-profile case highlights rising concerns over personal security in the crypto industry, with executives and investors are increasingly turning to private security services amid a global uptick in ransom and kidnapping attempts.

Security firms in Europe, particularly in France, report a surge in bodyguard and long-term protection contracts for crypto professionals.