NYPD Officers Suspended After Crypto Kidnapping Scandal—Because Even Cops Can’t Resist a Rug Pull

Two New York police officers just got a brutal lesson in crypto volatility—only this time, it wasn’t their portfolios tanking. The pair face restricted duties after allegations they orchestrated a kidnapping tied to a digital asset dispute. Who needs handcuffs when you’ve got a hardware wallet?

Subheader: Badge Meets Blockchain

Details remain scarce, but sources confirm the officers allegedly used their authority to strong-arm a victim over crypto dealings. Because nothing says ’protect and serve’ like leveraging your government-issued gun for a side hustle in decentralized finance.

Subheader: Thin Blue Line Meets Thin White Paper

The NYPD moved swiftly to limit their duties—proving even law enforcement knows you don’t HODL when institutional trust is at stake. Meanwhile, Wall Street bankers are probably taking notes on this innovative approach to ’asset recovery.’

Detective Drove Victim to Kidnap Site, Reports Claim

According to reports, both detectives in question were working as off-duty security for the alleged crypto criminal, though whether they received prior approval from the department is unknown.

New: The NYPD stripped 2 detectives of their guns /badges & placed them on desk duty after the dept. learned they’d had been working security for William Duplessie & John Woeltz, the crypto investors recently arrested for allegedly kidnapping a man & torturing him. @CBSNewYork pic.twitter.com/BBsS9uVR2U

One of the detectives, a veteran with nearly 20 years of experience, reportedly drove the Italian crypto kidnapping victim from the airport to the luxury SoHo apartment where he was eventually held captive.

“Every city employee is expected to follow the law, including our officers, both on and off duty,” the mayor’s office said in a statement. “We are disturbed by these allegations, and as soon as it came to our attention, the officers were placed on modified duty.”

Two Arrested in Shock Crypto Kidnapping

News of the scandal comes just one week after the unidentified Italian businessman escaped the weeks-long crypto crime ordeal that saw him shocked, tortured and held at gunpoint.

Crypto businessmen John Woeltz and William Duplessie allegedly lured the victim to New York City on May 6 after threatening to kill his family in a bid to gain access to his Bitcoin.

The hostage escaped barefoot when Duplessie and Woeltz turned their backs on him shortly after he revealed his Bitcoin password. Reports indicate that the anonymous victim may have been a business partner of Duplessie and Woeltz, although this has not been confirmed.

The family of Woeltz told The New York Post on Monday that the multimillionaire may have been “manipulated” into the crime himself.

“He’s a kind, caring, loving person, so he was completely controlled by other people,” Woeltz’s relative told the media outlet.