John Woeltz, the Kentucky man arrested in May for allegedly imprisoning and torturing an Italian businessman in a New York City apartment, and William Duplessie, the son of a prominent hedge-fund manager, may have been involved in a separate hostage situation months earlier during a drug-fueled gathering in rural Kentucky, The Wall Street Journal reported Saturday.
In February, the crypto associates allegedly lured a group of fashion models, socialites, and business prospects to a newly purchased $1.5 million mansion in Smithland, Ky. — population 237 — for what was billed as a crypto networking retreat, according to the WSJ. The pair flew guests in on a private jet stocked with caviar and Dom Pérignon and hosted an extravagant party that quickly devolved into chaos. (RELATED: Illegal Immigrants Charged With Kidnapping And Ransoming Other Illegals)
Guests told WSJ the two men — deep into a cocaine binge — claimed to be former U.S. intelligence operatives, bragged about abducting and killing a German man for his crypto holdings, and acted increasingly paranoid. At one point, Duplessie allegedly held a gun to his chef’s head. Another guest said a tourist was held against his will at the Kentucky mansion — months before Woeltz’s high-profile arrest in Manhattan.
Tequila, Drugs and Torture:The Spending Binge of Two Crypto Bros That Ended Behind Bars
A raucous spending-and-drug binge with what authorities allege was the kidnap and torture of a man in a $75,000-a-month NY townhouse. Their defense:It was just a prank https://t.co/wLUVL5Sdt7
— Sativa (@Sativa888) August 3, 2025
As The Daily Caller reported in May, a 28-year-old Italian man escaped from a SoHo apartment on May 23 and flagged down a traffic agent, telling NYPD officers he had been kidnapped and held for more than two weeks. Police arrested Woeltz at the scene. According to police, Woeltz lured the victim to the U.S. under the pretense of a business meeting, then allegedly seized his passport and launched a violent extortion scheme to access cryptocurrency accounts. Tools used in the assault reportedly included a chainsaw, a taser, and an Apple AirTag — which was allegedly fastened around the victim’s neck in case he attempted to flee.
The man was reportedly tased while standing in water, bound with electrical cords, pistol-whipped, and forcibly drugged with cocaine. Officers discovered blood, broken glass, weapons, and tactical gear inside what authorities described as a makeshift torture chamber. Polaroid photos showed the victim tied to a chair with a gun aimed at his head, possibly to extort his family overseas, according to police.
This NYC crypto kidnapping story is insane.
28 year old gets tortured for *3 WEEKS*, and the criminals take polaroids and print tshirts of it all happening?!?! pic.twitter.com/9wdFaekbVV
— Coffeezilla (@coffeebreak_YT) May 27, 2025
Woeltz was charged with kidnapping, unlawful imprisonment, assault, and weapons possession, according to NYPD officials. A 24-year-old Manhattan woman, Beatrice Folchi, was also arrested and charged with kidnapping and unlawful imprisonment.
THIS IS SCARY!!!!🤯
A crypto investor in Manhattan kidnapped and tortured a 28-year-old Italian guy for weeks just to get his crypto passwords.
Stay safe, guys.
— Evan Luthra (@EvanLuthra) May 26, 2025
Back in Kentucky, Woeltz and Duplessie had presented themselves as crypto moguls with grand plans to revitalize the region. WSJ reports they floated ideas like building hydroelectric dams and a luxury hotel. Duplessie reportedly tattooed the Kentucky state seal on his chest and discussed a long-shot bid for Mitch McConnell’s U.S. Senate seat.
Both men are now facing serious criminal investigations, and authorities are working to determine if additional victims exist — in Kentucky or elsewhere.
