John Woeltz, known as the ‘crypto king of Kentucky,’ and William Duplessie have both pleaded not guilty to charges related to the alleged kidnapping of Michael Carturan. Authorities allege that the motive was the extraction of Bitcoin passwords. Carturan claims his life was threatened for his extensive Bitcoin holdings. Both defendants are linked through investments and appeared in Manhattan criminal court on June 11, 2025. Carturan’s case has brought to light the increasing security risks faced by high-net-worth individuals in the cryptocurrency world. The incident has yet to trigger any significant market shifts or regulatory warnings within the broader crypto sector.