Crypto Entrepreneur Arrested for Torture

Kentucky Crypto Investor Arrested for Kidnapping and Torture

A Kentucky crypto entrepreneur, John Woeltz, has been arrested and faces serious charges, including first-degree kidnapping and assault. He allegedly kidnapped and tortured his former Italian business partner in a luxury Manhattan apartment for over two weeks. The victim, a 28-year-old Italian tourist, escaped and reported the crime to police.

Key Details of the Alleged Crime

• The victim was allegedly held captive in a SoHo townhouse.
• The alleged torture involved a chainsaw, taser, pistol-whipping, and forced cocaine use.
• Police recovered evidence including a chainsaw with blood, Polaroids depicting the victim bound and threatened, a bulletproof vest, night vision goggles, and a firearm.
• A second suspect, Beatrice Folchi, has also been arrested; a third suspect remains at large.

The victim, fearing for his life, managed to break free and alert authorities. He told investigators that he had a falling out with Woeltz, left the country, and returned to the U.S. at Woeltz's request, only to become a victim of this brutal crime.

The Suspect: John Woeltz

Before this arrest, Woeltz was known within the crypto community for his work as a security-minded developer and early adopter of digital assets. Notably, he was a former core team member of Grin, a privacy-focused cryptocurrency project. His involvement with Grin seems to have ceased after 2020. This case highlights the importance of thorough due diligence and robust security practices, both in the crypto space and in all business dealings.

Codeum's Role in Blockchain Security

This incident underscores the critical need for robust security measures within the blockchain industry. Codeum offers a range of services to mitigate such risks, including: smart contract audits, KYC verification, custom smart contract and DApp development, tokenomics and security consultation, and partnerships with launchpads and crypto agencies. Our expertise helps protect projects and individuals from potential threats and vulnerabilities.

Further Investigation

The investigation is ongoing. Police are interviewing potential witnesses, including two butlers who worked at the townhouse. The full extent of the crime and the motives behind it are still under investigation. This case serves as a stark reminder of the risks involved in the cryptocurrency space and the importance of prioritizing security.