Two Men Charged in NYC Crypto Torture Case Released on $1 Million Bail Each

Two men accused of subjecting a Bitcoin investor to weeks of brutal torture walked free on bail, despite facing charges that could land them in prison for life.

Manhattan Judge Gregory Carro on Wednesday approved $1 million bail for John Woeltz, dubbed the “crypto king of Kentucky,” and his alleged accomplice William Duplessie, rejecting prosecutors’ arguments to keep the pair behind bars, according to ABC News.

Last month, they pleaded not guilty to a raft of charges, including first-degree kidnapping, assault, and weapons possession.

Judge Gregory Carro pointed to questions about witness reliability and conflicting narratives from both sides as factors in his bail decision.

This case is part of a growing trend in “wrench attacks,” or violent crimes through which criminals bypass digital security by using physical force to coerce crypto holders into surrendering their wallet passwords.

The charges stem from a harrowing ordeal that began May 6, with Woeltz and Duplessie allegedly luring a 28-year-old Italian businessman to an upscale SoHo residence under false pretenses.

Prosecutors say the defendants spent two weeks systematically abusing the victim in an attempt to force him to hand over access to his crypto assets.

They allege the captors employed medieval-style torture methods, including electric shocks, beatings with various weapons, and threats to murder the victim’s relatives.

Defense lawyers have mounted an aggressive counter-narrative, presenting video footage they claim shows their clients’ accuser enjoying himself voluntarily.

Prosecutors have dismissed these claims, saying that trauma victims often exhibit complex behaviors that outsiders might misinterpret.

Jameson Lopp, CTO of security firm Casa, has been maintaing a public database tracking physical attacks against crypto holders and has documented over 200 such incidents, with more than 30 occurring in the first half of 2025 alone.

While out on bail, the defendants must wear electronic monitoring devices. They also relinquished their passports while awaiting trial, according to the ABC News report.

Both men face life in prison if convicted.

Experts have shared a number of protective measures for crypto holders with Decrypt in response to the growing threat of violent attacks to steal funds.

This includes using multisignature wallets that require multiple keys to authorize transactions, maintaining decoy wallets with modest balances, and employing duress protocols that can wipe devices when entered under coercion.