Crypto Tycoon Out on Bail Amid Serious Allegations
The so-called ‘Crypto King,’ John Woeltz, who stands accused of kidnapping and torturing an Italian man in a luxurious Manhattan townhouse, was released from jail after his parents risked their home and life savings as collateral. Despite reportedly having a net worth of $100 million, Woeltz, 37, was barred by a judge from using cryptocurrency to post his bail. Consequently, his father, Matthew Van Woeltz, put his home on the line, while his mother, Joan, agreed to provide $1 million should he fail to comply with bail conditions, as detailed in court documents reviewed by The Post. Currently, Woeltz is under house arrest in New York, a stark contrast to the lavish lifestyle he once enjoyed, including private jet travel and extravagant nights out. He was released to house confinement on July 31, while his co-defendant, William Duplessie, remains incarcerated.
Woeltz’s Past: From Goth Kid to Crypto Millionaire
Before his arrest, Woeltz led a glamorous lifestyle that seemed worlds apart from his upbringing as a “goth” child from a well-off family in Paducah, Kentucky. A former classmate expressed disbelief at the drastic change in Woeltz’s character, recalling him as a “really good person.” The transformation appears to have begun in late 2024, when Woeltz began associating with Duplessie, a flashy 33-year-old who had ties to a former hedge fund manager and split his time between Miami and Switzerland before their controversial escapade in Manhattan this year. Following their arrest in May, both men pleaded not guilty to the shocking charges of kidnapping and torture of Italian crypto trader Michael Valentino Teofrasto Carturan.
Shocking Allegations of Torture and Extortion
Prosecutors allege that Woeltz and Duplessie subjected Carturan to extreme violence, including lighting him on fire, using a chainsaw to inflict cuts, and holding a gun to his head—all in a bid to gain access to his Bitcoin wallet, believed to be worth millions. Furthermore, authorities claim the duo threatened Carturan’s family back in Italy while humiliating him through various degrading acts, including forced drug use and being urinated on.
Legal Defense Claims Misunderstanding
Despite the grave accusations, the defense for both men argues that the situation was misinterpreted, asserting that Carturan was a willing participant who could have left at any time. They contend that the alleged torture was merely an initiation or ‘hazing’ ritual. This shocking turn of events has stunned those who knew Woeltz during his formative years in Paducah, where he was perceived as an ordinary child without close friendships.
A Glimpse Into Woeltz’s Life and Investments
Woeltz, who graduated in 2012 with a degree in philosophy from the University of Kentucky, later moved to California’s Silicon Valley to dive into startup investments. He often returned to his roots in Kentucky and purchased a mansion earlier this year, reportedly spending $1 million cash. This property would later become the site of a significant raid by authorities, resulting in the seizure of multiple firearms and ammunition.
Paranoia and Erratic Behavior in Kentucky
Residents of Smithland, where Woeltz and Duplessie bought their home, noted that the pair was frequently in the news, as people were constantly coming and going from their property. They attempted to integrate into the local community and even considered using the mansion as an event venue. However, locals sensed something was amiss, with rumors swirling about their activities. Friends who visited in February described an atmosphere of growing paranoia, where both men asserted they were CIA operatives and displayed erratic behavior, including brandishing firearms.
Upcoming Court Appearance
As Woeltz remains on home detention with an ankle monitor, both he and Duplessie are set to appear in court again on October 15, where they will face the serious allegations brought against them.
