Crypto Extortion Leads to Kidnapping in NYC: Security Concerns Persist

An Italian businessman was allegedly kidnapped in New York City this past May, victim of a bitcoin extortion plot led by a Kentucky resident, according to court documents. This incident raises concerns about the vulnerability of cryptocurrency investments and the potential for physical violence. 75-year-old John Woeltz, who was previously charged with kidnapping, is accused of targeting his Italian business partner over Bitcoin holdings. The victim reportedly endured torture including being pistol-whipped, having a chainsaw used on his leg, and receiving threats to his family in an attempt to extract passwords for potential million-dollar Bitcoin holdings.