Authorities report NYC crypto trader tortured Italian man to steal his Bitcoin.

A man was arrested on Friday after allegedly kidnapping an Italian tourist and torturing him for weeks in a Manhattan home, aiming to steal the victim’s Bitcoin. John Woeltz, 37, was taken into custody that same day and arraigned on Saturday, facing charges of second-degree assault, kidnapping, unlawful imprisonment, and criminal possession of a firearm. Law enforcement sources, who are familiar with the investigation, indicated that Woeltz, the tourist, and another unidentified individual had been involved in business together for several years.

The authorities are still searching for the third participant in this troubling case. The victim, a 28-year-old man from Italy, met his alleged captor on May 6. According to a criminal complaint, Woeltz, along with an unidentified accomplice, kidnapped the tourist, seizing his electronics and passport.

The men reportedly tortured him in a bid to extract the password to his Bitcoin account. The justice document details horrific treatment, including physical assaults, threats to kill the victim, and infliction of electric shocks over the weeks. After enduring 17 days of torment, the tourist managed to escape on Friday morning.

He encountered a traffic agent who promptly contacted the police after learning of the man’s ordeal. Upon their arrival, police noted the victim was in stable condition, displaying cuts, bruises, and marks from restraints. Woeltz, identified as a wealthy cryptocurrency trader, had reportedly rented the Prince Street residence for a substantial monthly fee.

Investigators found disturbing evidence inside the home, including torture devices and photographs of the victim during his captivity. The shocking details of the case have left local residents, including a neighbor who witnessed the arrest, both astonished and bewildered, struggling to comprehend the motive behind such a heinous act from someone of significant wealth.