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John Woeltz’s story has taken a dramatic turn following reports of kidnapping and assault. Woeltz, also known as the ‘Crypto King of Kentucky,’ has been arrested for torturing a Bitcoin investor in an attempt to steal their coins and now faces up to 25 years in prison.
Crypto King Tortures Bitcoin Investor For Private Keys
According to the Hindustan Times, John Woeltz, believed to be worth around $100 million, kidnapped and tortured an Italian man for his Bitcoin password in New York. Woeltz, who is a crypto investor from Kentucky, allegedly used a chainsaw on the victim as part of an attempt to obtain the password. However, he was unsuccessful with the victim eventually escaping.
The victim broke out of the New York apartment and reported to the cops that he had been held captive for over two weeks. John Woeltz reportedly kidnapped the victim on May 6 after he arrived in New York from Italy, after both had agreed to meet. The Crypto King then snatched the victim’s passport and held him captive.
Woeltz tortured the Bitcoin investor and even documented it with Polaroids in the following days. The report revealed that there were photos of the victim, who is also a crypto trader, tied up with an electrical wire, while another photo showed him tied to a chair and a gun pointed at his head. The Crypto King of Kentucky went as far as threatening to kill the victim’s family in Italy to force him to give up his Bitcoin password.
Meanwhile, in another act of desperation, John Woeltz took the Bitcoin investor to the top flight of stairs of the apartment and hung him over the ledge, threatening to kill him if he didn’t give up the BTC password. The suspect had also cut the victim’s legs and arm with a chainsaw, while there are pictures that showed he was even forced to take cocaine.
The victim managed to escape after telling the Crypto King that he was ready to give up the password by plugging it into his laptop. Once the suspect turned to get the computer, the victim ran to the street.
Woeltz Crypto Background And What’s Next For The Crypto King
John Woeltz is known for his wealth of experience in the crypto industry, specifically blockchain security. He once attended a crypto conference, where he discussed Grin’s security audit and the hurdles involved. The Crypto King also revealed that the scope of the audit was limited to the crypto library.
Now, the Crypto King’s story has turned from a fairytale to a nightmare, with Woeltz being charged with two counts of second-degree assault, first-degree kidnapping, first-degree unlawful imprisonment, and criminal possession of a weapon. The court has denied him bail, with the prosecutors arguing that he is a flight risk. He faces 15 to 25 years if found guilty.
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