Crypto King Released on Bail Amid Serious Allegations
John Woeltz, dubbed the ‘Crypto King’, has been released on bail after being accused of the kidnapping and torture of an Italian man in a luxurious Manhattan residence. His release came about when his parents put their house and savings at risk as collateral, despite Woeltz reportedly having a fortune estimated at $100 million. A judge stipulated that Woeltz could not use cryptocurrency to secure his bail, leading his father, Matthew Van Woeltz, to pledge his home and his mother, Joan, to offer $1 million should he fail to comply with the bail conditions. Currently, Woeltz is under house arrest in New York as he awaits trial, a stark contrast to his previous lifestyle that included private jet travel and extravagant expenditures in nightclubs. He was released to home confinement on July 31, while his co-defendant, William Duplessie, remains incarcerated.
From Affluent Background to Allegations of Violence
Woeltz’s past is notably different from his current predicament; he grew up in Paducah, Kentucky, as a member of a well-off family, described as a “goth” child and a computer enthusiast. Former classmates express disbelief at the drastic change in Woeltz’s behavior, with one describing him as a genuinely good person. Reports suggest a transformation began around late 2024 when Woeltz started associating with Duplessie, the son of a hedge fund manager, who has a reputation for a flashy lifestyle and was known to split his time between Miami and Switzerland. Both men were granted bail of $1 million each for their alleged roles in the kidnapping and torture of Italian crypto trader Michael Valentino Teofrasto Carturan, who was reportedly visiting them in May. They have both pleaded not guilty to the charges.
Disturbing Allegations of Torture
According to prosecutors, the pair stands accused of subjecting Carturan to severe torture methods, including setting him on fire and using a chainsaw against him, all in a bid to extract passwords for his Bitcoin wallet valued in the millions. Furthermore, authorities allege that they threatened Carturan’s family in Italy while humiliating him with degrading acts and forcing him to take drugs during his captivity. The situation has stunned those familiar with Woeltz from his earlier life in Paducah, as many describe him as an ordinary student who did not particularly stand out among his peers.
Defense Claims Misunderstanding
In response to the grave allegations, the defense claims that the incident was misunderstood, arguing that Carturan was a willing participant who could have left at any time, framing the events as a form of hazing. This defense is surprising to many who knew Woeltz during his formative years, where he was perceived as a typical kid with no extraordinary social connections. Former classmates recall him as unremarkable and not particularly close to others in school.
Change in Lifestyle and Allegations of Paranoia
Reports indicate that Woeltz and Duplessie, prior to their arrest, purchased a mansion in Smithland, Kentucky, and were known for hosting lavish parties, which raised eyebrows in the local community. There were rumors suggesting they intended to convert the mansion into an event venue; however, there was also a sense that something was amiss regarding their activities. Friends who visited the Kentucky home noted a growing sense of paranoia in both men, as they claimed to be CIA operatives and displayed unusual behavior, including carrying firearms and communicating through coded messages burned after use.
Escalating Parties and Legal Troubles
Their lifestyle reportedly spiraled out of control as they moved to a $75,000-per-month rental in Manhattan, where they hosted large parties that featured illicit activities. Disturbing videos published by media outlets showed guests engaging in drug use and other questionable behaviors, including Carturan being bound to a chair. The next court appearance for both defendants is scheduled for October 15, as the legal proceedings surrounding this shocking case continue to unfold.
