Crypto King Released on Bail Amid Serious Allegations
The individual known as the “Crypto King,” John Woeltz, 37, who faces accusations of kidnapping and torturing an Italian man in a luxury Manhattan residence, has been released from jail after his parents put their home and savings at risk as collateral. Despite Woeltz reportedly having a net worth of around $100 million, a judge prohibited him from using cryptocurrency for his bail. This restriction led his father, Matthew Van Woeltz, to stake their family home while his mother, Joan, agreed to provide $1 million if he fails to adhere to the bail conditions. Woeltz is currently under house arrest in New York, a stark contrast to his previous lifestyle characterized by private jet travel and extravagant nightlife. He was placed under home confinement on July 31, while his co-defendant, William Duplessie, remains incarcerated.
A Shift in Lifestyle
Woeltz’s affluent upbringing in Paducah, Kentucky, was a far cry from his current legal troubles. Described as a “goth” computer enthusiast during his youth, former classmates expressed their shock at his drastic transformation, noting that he was once viewed as a decent person. A pivotal change in Woeltz’s life appears to have occurred in late 2024 after he began associating with Duplessie, a flamboyant figure and son of a former hedge fund manager. The pair was arrested following the alleged kidnapping and torture of Michael Valentino Teofrasto Carturan, an Italian crypto trader, in May. Both men have pleaded not guilty to the charges leveled against them.
The Nature of the Allegations
Prosecutors allege that Woeltz and Duplessie subjected Carturan to horrific treatment in an attempt to obtain the password for his Bitcoin wallet, which is valued in the millions. The accusations include extreme acts of violence, such as setting him on fire and using a chainsaw, along with threats against Carturan’s family in Italy. Allegations also mention humiliation tactics involving drug use and public shaming.
Defense Claims Misunderstanding
Attorneys for Woeltz and Duplessie argue that the situation was misinterpreted, claiming that Carturan was a willing participant who could have left at any time and was subjected to what they described as a “hazing” ritual. This narrative stands in stark contrast to the accounts from those who knew Woeltz during his formative years, many of whom portrayed him as an ordinary student without any notable issues.
Community Reactions and Background
The shocking allegations have left many from Woeltz’s past bewildered. Reports indicate that Woeltz did not stand out significantly among his peers during middle school. A former classmate noted that while he was known, he wasn’t particularly close to anyone. Others remarked that he had a penchant for mild trouble but was not inherently problematic, attributing his social status to his family’s affluence.
Recent Developments in Woeltz’s Life
Woeltz, who graduated with a Bachelor of Arts in Philosophy from the University of Kentucky in 2012, later moved to California’s Silicon Valley to invest in tech startups. Although he distanced himself from his hometown, he frequently returned, purchasing a mansion in Smithland earlier this year, which authorities later raided, seizing firearms and ammunition. Locals described the pair as the center of attention, often hosting gatherings at their luxurious residence, though whispers of something amiss circulated in the community.
A Dangerous Turn
Friends of Woeltz and Duplessie noted that their behavior had become increasingly erratic and paranoid. Reports suggest that when hosting guests, the two claimed to work for the CIA, carried firearms, and communicated through secretive methods to keep their discussions hidden. Disturbing incidents, including Duplessie allegedly threatening a hired chef with a loaded weapon, further illustrate the volatile atmosphere surrounding them.
Upcoming Court Dates
Following a series of extreme events, Woeltz and Duplessie relocated to a high-rental property on Prince Street, where their parties escalated in intensity. Videos captured during this time depict chaotic scenes, including drug use and potential criminal behavior. Their next court appearance is scheduled for October 15, where they will face the serious allegations against them.
