Two men accused of kidnapping and torturing an Italian man in a Manhattan townhouse as part of a cryptocurrency extortion plot have been granted bail.
John Woeltz, 37, and William Duplessie, 33, were each issued a $1 million bail on Wednesday by New York Supreme Criminal Court Judge Gregory Carro, according to a report from ABC News. Both men have reportedly pleaded not guilty to charges including kidnapping, assault and coercion.
The case stems from a crypto extortion incident that took place a few months earlier. On May 6, a 28-year-old cryptocurrency trader visiting from Italy was allegedly abducted after arriving in New York.
According to prosecutors, the man was held hostage for weeks and subjected to repeated torture as his captors attempted to force him to reveal his Bitcoin (BTC) credentials.
Related: Crypto billionaire bit off kidnapper’s finger during ambush
Victim beaten, shocked with wires
The Manhattan District Attorney’s Office said the victim was beaten, shocked with wires, pistol-whipped and threatened with being thrown off a balcony. At one point, the men allegedly threatened to kill the victim’s family. Photos recovered by investigators reportedly show a firearm pointed at the victim’s head.
The victim managed to escape in late May after convincing one of the suspects to allow him access to his laptop, where he claimed the password was stored. When left briefly unattended, he fled the apartment and sought help from a traffic officer nearby. He was hospitalized with injuries that matched his account of being restrained and abused.
Following the escape, Woeltz, reportedly a cryptocurrency investor from Kentucky, was arrested on-site. Duplessie, a Miami resident, surrendered to authorities days later.
A police search of the townhouse revealed a cache of items, including drugs, weapons, body armor and surveillance tools. Authorities also recovered evidence suggesting the attack was meticulously planned. The next court date is set for Oct. 15.
Related: Belgian court sentences three in kidnapping of crypto investor’s wife
Alleged kidnappers to wear electronic ankle monitors
Crime reporter Lauren Conlin, who attended the hearing, said in a Wednesday post on X that Woeltz and Duplessie must wear electronic ankle monitors, surrender passports and go through a security inspection every 72 hours.
“The defense claims that this was a hazing and that the victim wanted to be part of the lifestyle and it was simply 17 days of shenanigans,” she wrote.
Executives and investors in the crypto industry are increasingly seeking personal security services as kidnapping and ransom cases surge, especially in France.
On May 18, Amsterdam-based private firm Infinite Risks International reported a rise in requests for bodyguards and long-term protection contracts from high-profile figures in the crypto space.
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