Crypto King Released on Bail Amid Serious Charges
The individual dubbed the “Crypto King,” who is accused of kidnapping and torturing an Italian national in an upscale Manhattan residence, managed to secure his release from jail after his parents put their house and savings at stake as collateral. Despite his reported wealth of $100 million, John Woeltz, 37, was prohibited by a judge from using cryptocurrency to pay for his bail. Consequently, his father, Matthew Van Woeltz, risked his own home while his mother, Joan, committed to providing $1 million if their son failed to adhere to the bail conditions, as indicated in court documents reviewed by The Post. Currently, Woeltz is confined to his home in New York while awaiting trial, a stark contrast to the luxurious lifestyle he once led, which included traveling on private jets and frequenting nightclubs where he would lavishly spend thousands of dollars. Woeltz was placed under house arrest on July 31, while his alleged accomplice, William Duplessie, remains incarcerated.
From Humble Beginnings to a Lavish Lifestyle
Before his arrest, Woeltz’s extravagant lifestyle was in sharp contrast to his earlier years as a “goth” youth from a well-off family in Paducah, Kentucky, where he was known for his interest in computers. “I know his whole family. It’s heartbreaking. I don’t know what happened. He was a really good person,” remarked a former classmate. A notable transformation in Woeltz’s behavior appears to have occurred in late 2024 when he began associating with Duplessie, a flamboyant figure and the son of a former hedge fund manager who split his time between Miami and Switzerland before their recent troubles in Manhattan. Woeltz secured his release from Riker’s Island just a week after a Manhattan judge granted both him and Duplessie $1 million bail each following their shocking alleged involvement in the kidnapping and torture of Italian crypto trader Michael Valentino Teofrasto Carturan in May. Both men have entered not guilty pleas regarding the allegations.
Allegations of Torture and Kidnapping
Prosecutors accuse Woeltz and Duplessie of subjecting Carturan to extreme torment, including setting him on fire, using a chainsaw against him, and threatening him with a firearm to extract his Bitcoin wallet password, which is believed to be worth millions. Authorities also allege that they intimidated Carturan’s family in Italy while humiliating him further by forcing him to endure drug use and being urinated on during his captivity. The location of the alleged torture was a townhouse situated at 38 Prince Street in Soho.
Defense Claims Misunderstanding
Defense attorneys for Woeltz and Duplessie contend that the events have been mischaracterized and assert that Carturan was a willing participant who could have left at any time, characterizing his experience as a form of “hazing.” This situation has shocked many who were familiar with Woeltz during his childhood; sources recall him as an unremarkable student who did not stand out among his peers in Paducah. Jefferson Jones, a former classmate, noted, “I knew of him as a classmate but he wasn’t in my direct circle of friends. He seemed kind of normal to me.”
Claims of CIA Connections and Recent Behavior
Reports have surfaced suggesting that Woeltz and Duplessie claimed to work for the CIA, reportedly using night vision goggles and occasionally wielding a chainsaw. Prior to their arrest, the duo purchased a mansion in Smithland, Kentucky, where they hosted extravagant parties, flying friends in from Florida. A local resident remarked that the pair became quite the topic of conversation due to the constant flow of visitors to their home, and while they attempted to integrate into the community, there were whispers of something amiss.
Paranoia and Erratic Behavior
Recent acquaintances have described how they were invited to the Kentucky residence for wild parties in February, noting a growing sense of paranoia in both men. The duo reportedly made claims about being CIA operatives while brandishing firearms and communicated through written notes, which they destroyed after reading to maintain secrecy. During one party, Duplessie allegedly pointed a loaded gun at a hired chef, only backing down after intervention from other guests. Just weeks after this chaotic weekend, Woeltz and Duplessie relocated to a rental property on Prince Street, where the scale of their gatherings escalated and the situation spiraled further out of control. Videos from inside the residence captured scenes of drug use and debauchery, including footage of Carturan reportedly cooking drugs and being restrained in a chair. The next court appearance for both defendants is scheduled for October 15.
