An Italian crypto investor walked into a Manhattan trap—and barely walked out alive.
Michael Valentino Teofrasto Carturan, a 28-year-old crypto millionaire from Turin, Italy, flew to New York City this month hoping to recover millions in stolen bitcoin. What he got instead, according to prosecutors, was a brutal 17-day hostage ordeal inside a luxury SoHo townhouse—complete with crack pipes, chainsaws, and gun threats.
A Flight Into the Lion’s Den
The trip began under false promises. Carturan, worth an estimated $30 million, believed he was coming to reclaim bitcoin allegedly stolen by two American crypto figures—33-year-old John Woeltz, known in online circles as the “Crypto King of Kentucky,” and 37-year-old William Duplessie, a millionaire crypto trader with a taste for high-end nightlife.
What Carturan didn’t know was that the men had allegedly lured him back under the pretense of a return—and were preparing a far darker scheme. According to law enforcement sources, the pair arranged for an off-duty NYPD officer to pick up Carturan from the airport and deliver him to their eight-bedroom rental on Prince Street.
That officer—who had served on Mayor Eric Adams’ security detail—has since been placed on modified duty as the department investigates.
A SoHo House of Horrors
The moment Carturan arrived, things turned violent.
Prosecutors say his passport and phone were confiscated. He was tied to a chair, tortured, and repeatedly threatened as the men demanded his bitcoin passwords—while once again threatening his family overseas. Authorities later found Polaroid photos showing Carturan with a gun pressed to his temple, and another with a crack pipe forced into his mouth.
Inside the SoHo property, police uncovered a disturbing arsenal: a chainsaw, body armor, night vision goggles, a firearm with ammunition, and a cache of hard drugs. Investigators say the suspects recorded much of the abuse in chilling detail.
One of the most terrifying moments came when Carturan was reportedly hung over a staircase and told he’d be dropped if he didn’t cooperate.
Break for Freedom
After over two weeks in captivity, Carturan finally saw an opportunity. Prosecutors say that when Woeltz left the room to retrieve a laptop, Carturan bolted for the door, running for his life.
Police arrested Woeltz at the scene soon after. Duplessie, meanwhile, fled to the Hamptons—allegedly partying before turning himself in to authorities on Tuesday.
Both men now face kidnapping and torture charges. A grand jury indictment was announced Thursday.
Crypto King Faces Judge
At his arraignment in Manhattan, Woeltz’s attorney downplayed the case, arguing his client didn’t own a private jet or helicopter and calling him “a college graduate with a degree in philosophy” who had no prior criminal record.
“He’s been very successful in the technology world,” said attorney Wayne Gosnell. “This is a man who has supported his friends and family.”
Judge Kevin McGrath wasn’t moved. He ordered Woeltz held without bail. Duplessie remains in custody as well.
Fallout Reaches City Hall
Mayor Adams’ office responded swiftly to reports that one of its former security officers had unwittingly driven the victim into captivity.
“Every city employee is expected to follow the law, including our officers,” said press secretary Kayla Mamelak Altus. “We are disturbed by these allegations.”
Carturan, who was treated at Bellevue Hospital after his escape, has not spoken publicly. But law enforcement sources say he’s cooperating with investigators and may be eligible for federal protection due to the international scope of the case.
A Global Crypto Web
This saga isn’t just a kidnapping. It’s a glimpse into the darker side of crypto wealth, where millions in digital currency—and the anonymity surrounding it—have emboldened bad actors to operate beyond traditional borders.
As one investigator put it: “This wasn’t just a heist. It was a movie-level ransom plot, with rich young men playing God in a Manhattan mansion. The only difference is—this one was real.”
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