$1M Bail Shock: SoHo Crypto Kidnap Suspects Walk—For Now

Justice swings a gavel—and a golden parachute. Two alleged crypto kidnappers just bought their freedom with seven-figure collateral, proving once again that in blockchain, even crime gets premium pricing.

Bail bonds meet Bitcoin. A Manhattan judge greenlit temporary freedom for the accused, setting bond at $1 million each. Not quite a rug pull, but close enough to make Wall Street blush.

Meanwhile in traditional finance... banks still charge $35 overdraft fees.

Woeltz and Duplessie granted bail in crypto physical theft probe

The bail conditions require both Woeltz and Duplessie to surrender their passports, wear electronic ankle monitors, and remain in home confinement. They had been held without bond since their arrest in May. Last month, both men pleaded not guilty to more than a dozen charges, including kidnapping, coercion, and assault.

The courtroom heard disturbing allegations from Assistant District Attorney Sarah Kahn, who provided graphic descriptions of the victim’s treatment. According to Kahn, Woeltz, and Duplessie lured the victim, an unidentified man from Italy, to New York under threats to his family’s safety.

Once inside the SoHo townhouse, the pair purportedly subjected him to torture while trying to access his digital assets.

Kahn told the judge that the defendants poured tequila over the man, set him on fire, and extinguished the flames by urinating on him. She also alleged that the men pistol-whipped him, used a small chainsaw to inflict wounds, and used other instruments in their abuse.

During the hearing, Kahn showed a photo of the victim engulfed in flames, adding to claims that law enforcement agencies had shared word about Woeltz and Duplessie torturing others in the past, although she did not provide more details.

Prosecutors’ mishap gives court grounds to grant bail

Defense attorney Sam Talkin, representing Duplessie, argued that video evidence shared in court contradicted the depiction of the victim as a captive. According to the defense, footage taken from an eyeglass store’s surveillance camera showed the Italian man standing alone and smoking a cigarette on the street, 36 hours before he left the townhouse.

Another video reportedly shows the man engaging in behavior inconsistent with someone who had just endured torture. “The story that he is selling just doesn’t make sense,” Talkin told the court.

The defendants’ legal representatives claimed the victim’s version of events lacked logic and noted that there were discrepancies in the timeline of the alleged captivity. The defense insisted that the victim appeared to MOVE freely and interact casually during his time at the townhouse.

During the Wednesday hearing, prosecutors referenced a law enforcement search of a property in Kentucky connected to Woeltz, dubbed the “crypto king of Kentucky.” Government investigators reportedly saw writings of the accused kidnapping and torturing individuals to steal their crypto holdings.

The alleged SoHo kidnapping comes against the backdrop of an increase in high-profile cryptocurrency-related crimes around the globe. According to a report published on July 17 by blockchain analysis firm Chainalysis, $2.17 billion has already been stolen from crypto services this year, surpassing the $1.87 billion stolen in all of 2024. 

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