Crypto Tycoon Released on Bail Amid Serious Charges
John Woeltz, a figure in the cryptocurrency space accused of kidnapping and torturing an Italian man in a luxurious Manhattan townhouse, was released from jail after his parents risked their home and savings as collateral. Despite reportedly having a fortune estimated at $100 million, a judge prohibited Woeltz from using cryptocurrency to cover his bail. As a result, his father, Matthew Van Woeltz, put up their family home, while his mother, Joan, pledged an additional $1 million if he fails to adhere to the bond conditions. Currently, Woeltz is under house arrest in New York, a stark contrast to his previous lifestyle of private jets and extravagant nights out. He was granted release on July 31, while his co-defendant, William Duplessie, remains incarcerated.
From Humble Beginnings to a Life of Luxury
Woeltz’s extravagant lifestyle prior to his arrest starkly contrasts with his upbringing as a “goth” youth from an affluent family in Paducah, Kentucky. Classmates have expressed their shock, recalling Woeltz as a good-natured individual. One former peer remarked on the heartbreak of seeing such a drastic change in someone they once knew as a kind person. The transformation in Woeltz’s behavior seems to have coincided with his association with co-accused Duplessie, a striking 6’5″ individual and son of a former hedge fund manager. Their paths crossed in late 2024, leading to an alleged disturbing incident in May involving the kidnapping of Italian crypto trader Michael Valentino Teofrasto Carturan.
Disturbing Allegations of Torture
Both Woeltz and Duplessie have pleaded not guilty to charges stemming from the alleged torture of Carturan, which prosecutors claim included setting him on fire, using a chainsaw, and threatening him with a firearm to extract the password to his Bitcoin wallet. Authorities have also accused the duo of terrorizing Carturan’s family in Italy and humiliating him during his captivity. The accusations have raised eyebrows, especially among those who grew up with Woeltz, who was considered an ordinary student with no noteworthy reputation among peers.
Legal Defense Claims Misunderstanding
Defense attorneys for Woeltz and Duplessie argue that the situation has been mischaracterized, suggesting that Carturan was a willing participant in what they label a “hazing” event. This assertion has shocked those familiar with Woeltz’s past, where he was known as a typical kid without any inclination towards delinquency. Some acquaintances described him as a person who blended in rather than standing out, while others noted that his affluent background didn’t guarantee strong social ties.
Recent Developments and Lifestyle Changes
Woeltz and Duplessie had acquired a mansion in Smithland, Kentucky, prior to their arrest, where they reportedly hosted extravagant parties. The property became a focal point for local gossip due to the constant influx of visitors. A local resident indicated that there was speculation about the mansion potentially being used for events, although an unsettling sense of something being amiss lingered. Friends who visited from Florida noted that the pair exhibited increasingly paranoid behavior, claiming to be CIA agents and engaging in bizarre rituals.
Escalating Tensions and Future Court Dates
The situation escalated after Woeltz and Duplessie relocated to a $75,000-per-month rental in Manhattan, where their parties became more chaotic. Reports indicated that guests witnessed drug use and disturbing incidents, including Duplessie allegedly brandishing a firearm at a hired chef. Videos surfaced showing wild parties, with guests engaging in questionable activities. The next court hearing for both defendants is scheduled for October 15, as the legal proceedings continue to unfold.
