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A second man has surrendered himself to authorities in connection with the violent torture of a business partner as a shocking story continues to unfold.
On the morning of Tuesday, May 27, 2025, William Duplessie, 33, turned himself in to Manhattan authorities accompanied by his lawyers, according to NBC New York. Formal charges of kidnapping, false imprisonment, assault, and weapons-related items follow Friday’s arrest of his alleged business partner, John Woeltz, 37, a man dubbed “Kentucky’s Crypto King,” charged with the same crimes.
Both men are accused of torturing a 28-year-old Italian citizen for 17 days in an attempt to gain a password related to the victim’s Bitcoin funds. Video obtained by the NBC affiliate showed the victim barefoot and disheveled soon after escaping a high-end New York City townhome and flagging down a traffic officer on Friday.
Here’s what to know…
John “Kentucky Crypto King” Woeltz and William Duplessie charged in torture
John Woeltz, described as a bigwig in the world of cryptocurrency, was the first to be arrested. He reportedly has an estimated net worth of approximately $100 million and is currently being held without bond.
Woeltz hails from Paducah, Kentucky, and focused his attention on tech startups in Silicon Valley after graduating from the University of Kentucky, according to Paducah’s NBC affiliate, WPSD-TV.
Another, Beatrice Folchi, 24, was also arrested Friday and charged with kidnapping and unlawful imprisonment. However, her prosecution was deferred, according to The New York Times.
William Duplessie, believed to be Woeltz’s business partner, was charged after days of negotiations between his attorneys and police, according to The New York Times. He is an entrepreneur and, along with his father and another relative, co-founded the Swiss-based investment firm Pangea Blockchain Fund.
Duplessie reportedly has strong ties to both Miami and Switzerland, but in deals this week, Duplessie’s attorneys denied Duplessie was a flight risk. They tried and failed to have the judge order him to house arrest at his father’s Florida residence, but he was instead remanded into custody, according to NBC New York.
Lawyers maintain Duplessie’s involvement is “hotly disputed,” per The New York Times.
Law enforcement officials said the victim willfully came to New York City on May 6, 2025, and was abducted a short time later.
His Bitcoin wallet, as targeted by his alleged captors, is worth millions, according to CBS New York.
Where did the alleged crimes take place?
The alleged crimes occurred in a luxury, six-story townhouse in the Nolita (Northern Little Italy) neighborhood of Manhattan. Sources described the Prince Street residence to NBC New York as a “high-end frat house” rented by Woeltz for a whopping $30,000 a month.
According to The New York Times, the home is currently up for rent for $75,000 per month.
One source told NBC New York that the home was comparable to “Wolf of Wall Street/frat guys gone wild,” insinuating late-night parties and heavy traffic. The outlet reported the residence had its own elevator and stripper poles in the basement.
Authorities describe alleged torture
Investigators are accusing Woeltz and Duplessie of taking the victim’s passport and electronic devices in an attempt to get the victim to fork over his Bitcoin password and allow the alleged perpetrators access to his funds. When that failed, the police say, the men tortured him over a 17-day period.
Means of torture reportedly included binding the victim’s wrists, holding him at gunpoint, urinating on the victim, and using a chainsaw on his legs. The captors allegedly dangled him from the building and also pistol-whipped him, according to the NBC outlet.
NYPD Chief John Chell said the men would “torture him by making him take drugs; torture him by putting his feet in water; electrocute him,” according to NBC New York.
“The motive was over money,” Chell continued. “They knew each other. But under no circumstance in this world [do] you have the right to kidnap somebody.”
How did the victim get away?
Police said the victim, after more than two weeks of captivity, agreed to provide his attackers with the password, according to NBC New York. It was only then when the pair disappeared to find the victim’s laptop that the alleged victim managed to flee the Prince Street home and flag down an officer on Mulberry Street a few blocks away.
Prosecutor Michael Mattson told the judge on Saturday that the victim was treated at an area hospital and that his injuries were consistent with his report, as reported by The Associated Press.
A later search of the property allegedly yielded Polaroid pictures of the victim with a gun pressed against his head, in addition to photos showing a saw, chicken wire, night-vision goggles, and body armor, The Associated Press reported. Per WABC-TV’s coverage, investigators recovered crack cocaine and photos of the victim smoking the drug from a pipe. Blood found throughout the apartment supported the victim’s statements.
A gun was also found at the scene, WNBC reported.
What’s expected to happen next?
Both Woeltz and Duplessie are ordered held without bond and face possible life sentences if convicted of the alleged crimes. Investigators continue to investigate and were recently reported to be interviewing two butlers about the ongoing attack, according to ABC New York.
Both suspects are scheduled to appear in court on Friday, May 30, 2025.
