According to a comprehensive report from New York news sources, a cryptocurrency investor in the United States was recently arrested in New York for allegedly kidnapping a 28-year-old Italian man with accomplices. They illegally detained him in a high-end Manhattan residence for nearly three weeks, forcing him to reveal his Bitcoin wallet password. The victim eventually managed to escape and report the incident to the police. Such violent crimes related to cryptocurrency are occurring globally, and the suspect had previously been a frequent attendee and speaker at cryptocurrency conferences.
NBC News exclusively revealed footage of the barefoot victim escaping and reporting to the police. The victim is currently receiving treatment at the hospital, and the case still has many unresolved questions. Prosecutors are investigating the relationship between the victim and the kidnappers.
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ToggleVictim Immediately Kidnapped Upon Arriving in New York from Italy
According to the prosecution's indictment, 37-year-old Kentucky man John Woeltz is charged with kidnapping, assault, illegal imprisonment, and illegal possession of firearms. He was arrested last Friday night and made his first court appearance on Saturday, with the court ordering him to be held without bail.
The investigation revealed that after arriving in New York from Italy in early May, the victim was kidnapped and controlled by John Woeltz and his accomplice William Duplessie. Police stated that Woeltz rented a Manhattan apartment for $30,000 to $40,000 per month, which became the location for illegally imprisoning the victim. The two suspects forcibly seized the victim's passport, beat and electrocuted him, and even pointed a gun at his head, demanding the password to withdraw Bitcoin.
Prosecutors stated that the victim was drugged, forced to consume crack, and was even suspended outside the window, with his life in imminent danger. Reportedly, he thought he would be shot. On the morning of May 24, he pretended to cooperate and provide the password, and escaped when the suspect turned to get a computer. He then flagged down a traffic police officer on the street for help.
When police searched the crime scene, they found key evidence including crack, a saw, wire mesh, bulletproof vest, night vision goggles, ammunition, and several Polaroid photos showing the victim's torture. Prosecutors also noted that John Woeltz owns private planes and helicopters, giving him the ability to flee, and have ordered him to surrender his passport.
Second Accomplice Turns Himself in to Police
The second suspect in the kidnapping, William Duplessie, turned himself in to the police on Tuesday. He is accused of participating with John Woeltz in kidnapping, extortion, and other crimes. Reports indicate that he was a business partner of John Woeltz. Police also arrested a woman on the day of the incident, but prosecutors have not yet filed charges against her.
Is This All Caused by Bitcoin's Surge?
Bitcoin's surge this year has created many new millionaires, but it has also attracted the attention of criminals. An increasing number of robbery and kidnapping cases targeting cryptocurrency elites are occurring. Prosecutors stated that this case exposes the potential risks of Bitcoin and crypto assets, showing that criminals are beginning to covet digital assets through direct violent crimes. French police recently arrested over 20 people while investigating multiple attempted kidnappings of cryptocurrency millionaires, indicating that such crimes are spreading internationally.
David Seltzer, a criminal defense lawyer specializing in cybercrime, stated that kidnappings of cryptocurrency holders are becoming more frequent because it's a quick way to steal virtual currency directly from crypto wallets without robbing a bank. The case is still under further investigation, and police are calling for public tips to help solve the case and identify other suspects.
Risk Warning
Cryptocurrency investment carries high risks, with potentially significant price volatility. You may lose all your principal. Please carefully assess the risks.
Dragonfly Capital partner Richard Chen pointed out that the main stage of cryptocurrency is shifting. In the next few years, the trillion-dollar companies that change the world are likely to no longer be crypto-native enterprises, but rather "crypto-related industries" that view crypto as a function rather than a product.
ToggleFrom Protagonist to Accessory: Crypto is No Longer a Product, But an Added Highlight
Richard pointed out that in the past decade, crypto technology itself was the product, with public chains, protocols, and token economics becoming the market focus. However, true innovation is now happening at the boundaries:
Fintech companies use stablecoins as intermediate exchange tools for cross-border payments
AI startups utilize decentralized infrastructure (DePIN) to incentivize data collection and computation
Consumer tech companies open up new insights into user behavior data through privacy technologies like zkTLS
These "crypto-adjacent companies" do not have crypto as their core, but create competitive advantages by flexibly introducing crypto technologies.
No Longer Relying on Hype: Traditional Venture Capital Evaluation Standards Also Become Key Points
With the rise of this "crypto-adjacent" entrepreneurial wave, investors must also readjust their evaluation framework. Unlike the past reliance on token price hype and project narrative appeal, the new rules emphasize real capabilities. Specific indicators include:
Annual Recurring Revenue (ARR)
Customer Acquisition Cost (CAC)
Customer Lifetime Value (LTV)
Total Addressable Market (TAM)
These indicators are no longer just tools for traditional venture capital, but will also become fundamental aspects that crypto investors cannot ignore. The short-term capital bonus brought by token generation events (TGE) can no longer mask the hollowness of business models and operational performance.
Industry Knowledge Becomes an Investment Moat
Under this trend, crypto investors who cannot quickly grasp knowledge of non-crypto industries will be forced to exit: "Future successful crypto applications will not occur in the creation and trading of on-chain assets, but will be embedded in physical industries." For example:
Understanding the importance of robotics supply chains and AI training data is a prerequisite for investing in the "AI and DePIN" domain
Grasping payment pain points and regulatory environments in emerging markets is key to entering the "fintech and stablecoin" domain
Richard warns: "If one still maintains a Web3 native perspective and is half-informed about application scenarios, they may miss truly potential targets."
Crypto-Related Industry Battlefield: Greater Potential, More Intense Competition
The charm of crypto-related industries lies not only in application-level innovation but also in the massive market potential behind them. Compared to traditional L1, these new services connect to already mature and enormous industry domains:
The TAM of global payment and financial markets far exceeds any blockchain
The AI data economy and computing resource market are experiencing explosive growth
Consumer tech and privacy data demand have reached billions of users
For investors, this is not just an asset allocation choice, but a strategic shift from a closed community to the mainstream market.
Bear Market is Not the End, But a Screening for Crypto Projects
It is not difficult to see this transformation by observing the overall market structure:
Since the beginning of this year, the market value of most Altcoins has stagnated
The fully diluted valuation (FDV) of newly issued tokens has also significantly shrunk, with most projects struggling to break through $1 billion
Price trends between Bitcoin and other cryptocurrencies have shown clear divergence
These phenomena remind investors that the era of skyrocketing valuations based on a white paper and hype narrative is long over. Future capital will only flow to projects with real users, clear markets, and solid business models.
Risk Warning
Cryptocurrency investment carries high risks, and prices may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
