Crypto Crime Shock: NYC Kidnap Suspect Plans Surrender—Just as Volatile as the Market

Another day, another crypto-linked drama—this time with a side of alleged kidnapping. New York’s latest crypto horror story takes a twist as reports claim the suspect will turn himself in. Because nothing says ’stable investment’ like a market where even the criminals can’t predict their next move.

Law enforcement stays tight-lipped, but sources hint at a surrender deal in the works. Meanwhile, crypto traders shrug—after all, they’re used to wild swings and shady characters. At least this one might actually face consequences (unlike some rug-pull founders).

Final thought: If the suspect’s timing is as bad as most retail traders’, he’ll show up right when the Feds lose interest—just in time for the next bull run.

Victim Allegedly Held For 17 Days In Soho

Michael Valentino Teofrasto Carturan, a 28-year-old crypto investor from Italy, flew into New York on May 6 to meet his “business partners.” That meeting quickly turned into a nightmare. He was allegedly detained in the five-story Soho apartment for 17 days, during which he was tortured and abused in a bid to extract his crypto wallet seed phrase.

Woeltz, nicknamed the “crypto king of Kentucky,” now faces serious charges including kidnapping, unlawful imprisonment, and assault. He remains behind bars, with his next court appearance scheduled for May 28. His assistant, Beatrice Folchi, who is originally from Italy, was also arrested but has since been released without charges.

Torture, Threats, And A Narrow Escape

Police say Carturan was tied up with electrical cords, electrocuted, and even tased in the feet while they were submerged in water. He was allegedly forced to smoke crack cocaine, urinated on, and shown an electric chainsaw, which was used to threaten to cut off his limbs.

Investigators say a Polaroid photo was found showing Carturan tied to a chair with a gun pointed at his head. The entire ordeal reportedly unfolded in an apartment filled with expensive liquor, stripper poles, and loud music — described by NBC reporters as resembling a “high-end frat house.”

Carturan finally managed to escape on May 23. He told police that he tricked Woeltz into letting him retrieve his laptop, where the seed phrase was stored. As Woeltz turned his back, Carturan bolted, barefoot, toward a traffic officer outside.

NBC New York reported that Carturan’s net worth is estimated at $30 million. That figure may have made him an attractive target for a criminal scheme, one where access to a single passphrase could mean millions in stolen digital currency.

While Woeltz is already in custody, the fate of his alleged accomplice remains unclear. Reports from different outlets conflict over whether the Swiss trader has already turned himself in or is still arranging to do so. Police have not released his name.

The investigation is still open, and more arrests could follow depending on what comes to light next. For now, the spotlight remains on Woeltz and the chilling claims that have stunned both the crypto world and the wider public.

Featured image from Discovery Institute, chart from TradingView