Manhattan Kidnapping Case Highlights Risks of Crypto Security

In a shocking case emerging from Manhattan, John Woeltz, 37, and William Duplessie, 33, have pleaded not guilty in a court charged with kidnapping, torture, and attempted extortion involving cryptocurrencies. Prosecutors allege the two held a friend captive for three weeks in a SoHo residence, using violent and abusive methods—including beatings, cutting with a saw, and setting the victim on fire with tequila—to force him to disclose his Bitcoin password. Disturbingly, the accused reportedly extinguished flames on the victim by urinating on him.

The victim eventually escaped while with Woeltz to retrieve his phone to transfer crypto assets. Authorities found incriminating items such as a saw, a loaded firearm, and a photo of Duplessie aiming a weapon at the victim.

Defense attorneys argue the victim was a willing participant and had opportunities to leave, even engaging in social events during the alleged captivity. Judge Gregory Carro denied bail, citing the severity of the crimes, and scheduled the next hearing for July 15.

This alarming incident highlights the growing security challenges and dangers that can accompany holding substantial cryptocurrency wealth. As crypto ownership grows, securely managing private keys and passwords becomes critical for personal safety.

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