In a disturbing case that has gripped New York City and the global crypto community, a second individual tied to the alleged kidnapping and brutal torture of an Italian cryptocurrency investor is reportedly preparing to surrender to police. The shocking details surrounding the case have drawn widespread attention as authorities continue to piece together the events that unfolded in a Soho apartment.
According to multiple news sources, the new suspect is a Swiss cryptocurrency trader and business associate of Joel Woeltz — a man dubbed the “crypto king of Kentucky.” Woeltz is already facing serious charges including kidnapping, unlawful imprisonment, and assault after allegedly holding the victim, Michael Valentino Teofrasto Carturan, captive for 17 harrowing days. The Swiss trader’s involvement reportedly includes assisting Woeltz in efforts to force the victim into revealing his cryptocurrency wallet’s seed phrase, a critical piece of information that would allow access to millions of dollars in digital assets.
While some reports suggest the Swiss suspect will turn himself in within the next week, there is conflicting information with others hinting he may already be in police custody. The New York Post identified the man as a co-founder of a Swiss trading firm, though his name has not been publicly disclosed.
Woeltz’s accomplice, Italian-born Beatrice Folchi, was also arrested but has since been released without charges. The dramatic series of events began when Carturan, a 28-year-old crypto investor from Italy, managed to escape the apartment on May 23 — the same day he was allegedly told would mark his “death day.” His escape was described as a narrow, desperate sprint barefoot toward a nearby traffic officer, with video footage quickly circulating across local news outlets.
Reports indicate that Carturan was coerced into giving up his crypto seed phrase, which was stored on his laptop located in another room. When Woeltz turned his back, Carturan seized the moment to flee, an act that ultimately led to Woeltz’s arrest at his Soho residence. Woeltz remains in custody with a court hearing scheduled for May 28.
Details revealed by the victim and the police paint a chilling picture of the abuse endured. Carturan told authorities that he came to New York on May 6, expecting to meet with business partners but was instead trapped and tortured in the luxury apartment. His passport was taken as collateral, and he was reportedly subjected to electrical shocks using cords and tasers. At one point, his feet were submerged in water while being electrocuted, and he was threatened with an electric chainsaw aimed at his leg, a terrifying attempt to force compliance.
Police also uncovered Polaroid photographs showing Carturan restrained to a chair with a gun pointed at his head — a harrowing testament to the cruelty he endured. Disturbingly, Carturan was allegedly forced to smoke crack cocaine and was subjected to further humiliation inside the apartment, described by reporters as resembling a “high-end frat house,” complete with stripper poles and expensive liquor scattered across its five floors.
After his escape, Carturan was hospitalized to receive treatment for his injuries. Law enforcement continues their investigation into the suspects and the circumstances surrounding this case, which has shocked many for its brazenness and cruelty.
Carturan’s estimated net worth is believed to be around $30 million, making this case not only a brutal crime but also one involving significant cryptocurrency wealth. The motive appears to center on gaining access to his digital fortune via the secret seed phrase.
As this extraordinary story unfolds, it shines a harsh light on the darker side of the crypto world, where millions of dollars can make individuals targets for violent crimes. The incident has sparked conversations around security for crypto investors, especially those holding substantial assets.
The second suspect’s impending surrender could mark a turning point in the case, hopefully bringing more clarity and justice to this grim saga that has captured the attention of New Yorkers and crypto enthusiasts worldwide.
