No Bail for New York Suspect in Alleged Torture and Bitcoin Ransom Case
Two Men Charged for 17-Day Kidnapping and Torture of Crypto Investor Amid Rising Global Crypto Crime; Police Seize $2.7M in Stolen Bitcoin Mining Equipment.
Key Takeaways:
- Two men face charges for kidnapping and torturing a crypto investor for 17 days.
- Violent crypto crimes like kidnappings and armed thefts are increasing globally.
- Police also seized $2.7 million in stolen Bitcoin mining equipment in April.
On May 30, a Manhattan grand jury indicted William Duplessie for his alleged role in a violent scheme targeting an Italian crypto investor. According to prosecutors, Duplessie and a second suspect, Matthew Woeltz, kidnapped the victim and held him hostage for over two weeks inside a townhouse in Soho.
$3 Million Collective Bond Denied Over Case Severity
According to a report by the Associated Press, Duplessie and Matthew Woeltz kidnapped the 28-year-old investor on May 6 and held him captive for 17 days inside a Soho townhouse.
The suspects allegedly tortured the victim with electrical wires and forced him to smoke cocaine through a crack pipe. It was revealed that the suspects even dangled the victim over a five-storey stairwell.
The ordeal came to a breaking point on the morning of May 23. After being pistol-whipped by Woeltz, the victim feared for his life and pretended to give in. He said he’d share his Bitcoin password.
He seized the moment when the suspects stepped away to retrieve a laptop.
Bleeding, barefoot, and terrified, he bolted down the stairs and onto the street. He flagged down a traffic officer on Mulberry Street, who called for help.
Police later searched the townhouse. Inside, they found more than just signs of violence. They discovered cocaine, chicken wire, night-vision goggles, a saw, ballistic helmets, and body armor.
Polaroid photos showed the victim with a gun to his head and shirts with images of him holding a cocaine pipe.
Duplessie turned himself in on May 27. A judge denied his $1 million bail request, along with Woeltz’s $2 million plea, despite his lawyer citing his clean record and philosophy degree.
The court ruled the charges too serious for release. A third suspect, Beatrice Folchi, was also arrested but later released pending further investigation.
If convicted, Duplessie and Woeltz could spend decades behind bars—or even face life in prison.
Violent Crypto Thefts on the Rise Worldwide
This shocking case isn’t an isolated incident. In December 2024, Pakistani police arrested seven people for kidnapping a local crypto trader. The attackers forced him to transfer $340,000 in Bitcoin from his Binance account before releasing him.
Just a month earlier, a Ukrainian man was abducted in Thailand and robbed of $250,000 in crypto at gunpoint.
These incidents are part of a disturbing trend. According to blockchain investigator Zachxbt, targeted crypto kidnappings and violent home invasions are on the rise.
He had previously warned investors about what they reveal, especially online. Flashing wealth can bring dangerous attention.
However, not all crypto thefts involve physical violence.
In April 2025, the LAPD recovered $2.7 million worth of stolen Bitcoin mining machines from a warehouse in San Pedro. The equipment had been stolen from Los Angeles International Airport and tracked through a web of storage units.
As crypto grows, so does the danger. What started as digital scams is now bleeding into the physical world. Wallets are no longer just hacked. They are hunted.
Jimmy Aki
Drawing from his background in economics, Jimmy has monitored blockchain development for years, firmly believing in its power to democratise finance. Beyond offering commentary on the latest crypto developments, he also spends his time analysing open-source codes of promising projects on GitHub. Jimmy holds Bitcoin and Ethereum.
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