In New York City on Friday, cryptocurrency entrepreneur John Woltz was arrested on charges of kidnapping and assaulting an individual to gain access to the victim’s Bitcoin (BTC) wallet password. Known in the crypto community as the “Crypto King of Kentucky,” Woltz was once regarded as a rising star in the digital currency space but now faces serious criminal allegations.
The victim, 28-year-old Michael Valentino Teofrasto Carturan, managed to escape after being held captive for three weeks at Woltz’s upscale Nolita townhouse. Upon his escape, Carturan flagged down a traffic officer who promptly alerted the police. Prosecutors allege that during the captivity, Woltz and his associate William Duplesy subjected Carturan to severe physical abuse, including being shot with a pistol, shocked with a taser, forced to consume cocaine, and having his leg cut with a saw. The victim also reported being hung from the edge of a rooftop in a five-story building.
The incident reportedly began when Carturan, a business partner of Woltz, visited his residence on May 6. It is alleged that Woltz and Duplesy confiscated Carturan’s passport and electronic devices, then coerced him under threats to reveal the password to his Bitcoin wallet, containing millions of dollars. Neither Woltz nor Duplesy’s attorneys have issued statements, but court documents charge Woltz with kidnapping, assault, unlawful imprisonment, and weapons offenses.
John Woltz has a background as a successful investor and a notable figure in the cryptocurrency industry. After graduating from the University of Kentucky, he invested in tech startups before entering the crypto sector in 2018. He was part of the winning team at the ETHGlobal San Francisco hackathon and served as managing director of Silicon River Capital. More recently, Woltz focused on Bitcoin mining in Kentucky and was a member of the state’s technology working group.
This case highlights a disturbing trend of increasing violence and abductions targeting Bitcoin holders, prompting some victims to seek “ranch attack” insurance policies that offer protection against criminals attempting to violently bypass advanced security measures. Bitcoin’s current price hovers around $108,680, slightly below its recent peak near $111,800, and has experienced a 17 percent increase over the past month.
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