Manhattan’s ultra-luxurious NoLita district is the setting for the alleged kidnap and torture of a crypto executive, according to Manhattan District Attorney’s Office charges. John Woeltz, 37, and William Duplessie, 33, face kidnapping, assault, and weapons possession charges.
Grand Jury Indictment
Woeltz was indicted by a grand jury Thursday, with his charge remaining sealed pending arraignment on June 11 in New York State Supreme Court. Duplessie is scheduled to appear in court Friday. Both men are arrested.
The alleged victim—apparently Duplessie—was lured to a lower Manhattan property on May 6 by the two defendants. According to police and DA reports, he was tortured for his “Bitcoin password,” enduring beatings, electrical shocks, gunpoint threats, and being held by his feet.
Duplessie and a third individual (unnamed or Joseph Caturan) allegedly staged the incident. Caturan appears in police records as having ties to a crypto fund and falling out with Woeltz over money. He is said to have returned to the U.S. on Woeltz’s persuasion, after previously returning to Italy.
According to DA police reports cited by the Times, the accused confiscated Caturan’s passport and electronic devices at 38 Prince Street (described as a five-story townhouse in the article). Surveillance footage shows Caturan seeking help shortly after his rescue.
Chief NYPD Officer Roberto Cordero, part of Mayor Eric Adams’ security team, is reported to have been transporting Caturan when they became separated. Both Cordero and another officer are under investigation for their roles or proximity to the incident.
Crypto Context
The case is allegedly another chapter in a “crypto-fuelled kidnapping wave.” Similar crimes recently occurred in France and Europe, often targeting crypto figures for their digital assets.
Europol recently disrupted a drug-trafficking network allegedly linked to the Sinaloa Cartel that used cryptocurrency for transactions. Elsewhere, the brutal January kidnapping of Ledger co-founder David Balland highlighted the perceived profitability of crypto-related abductions, involving horrific tactics including amputation.
Unlike typical financially-motivated kidnappings, both accused individuals held prominent positions in the crypto world with significant wealth. While accused of orchestrating extreme torture, their alleged motivation may tie to alleged disagreements within a crypto sphere, rather than purely monetary gain.
Accused Profiles
**John Woeltz:** A Kentucky native and self-described tech vet, Woeltz competed in blockchain-related events, attended the University of Kentucky, and later co-founded venture capital firm Silicon River Capital. He currently has an estimated net worth exceeding $100 million. Police allege he masterminded the torture while acting on behalf of a crypto fund run by Duplessie. However, outlets like the NY Post downplay victimhood, citing Woeltz as typically controlled by others.
**William Duplessie:** The CEO and co-founder of Switzerland-based Pangea Blockchain Fund. According to connections from deleted website pages, he participated in early crypto mining. He held roles at venture capital firm DNA Advisors and reportedly funded lavish lifestyles in Manhattan, including Lamborghinis and high-stakes nightclub spending. Despite reported ~73% annualized returns since founding, Pangea has recently liquidated funds to avoid a similar fate as founder Stephen Duplessie. Duplessie faces multiple prior allegations.
Duplessie’s fund continued operations after allegedly orchestrating or assisting in this alleged kidnapping and torture, leading to tension with his brother. Prior claims of aggressively burning crypto bridges also exist.
Broader Implications
The case underscores the intersection of sophisticated crime, technology, and the pursuit of high-value crypto assets. It follows recent examples where the digital nature of crypto holdings made them attractive—sometimes literal—targets. The involvement of officials supposedly close to Mayor Adams added another complex layer, while Duplessie’s prior legal issues and extravagant spending highlight the fast-evolving world of the cryptocurrency industry, rife with opportunity and turmoil alike.
