An American cryptocurrency investor is suspected of kidnapping an Italian businessman in New York and attempting to obtain his cryptocurrency account password.

PANews, May 24, reports from The Block that the New York City police arrested two suspects accused of kidnapping and torturing an Italian tourist, allegedly trying to extort the tourist for his cryptocurrency account password. The Italian tourist escaped from being held in a luxury apartment in SoHo and called the police, leading to the arrest of 37-year-old John Woeltz and a 24-year-old suspected female accomplice. According to sources cited by the New York Post, the tourist had gone to the apartment under the guise of a business transaction on May 6, where he was subsequently captured by John Woeltz, beaten, and tortured in an attempt to extort 'millions of dollars.'

It is reported that the police found multiple Polaroid photos of the victim being bound and tortured at the scene, as well as weapons, chainsaws, and other tools. The victim ultimately escaped on May 23 and called the police. John Woeltz is charged with first-degree kidnapping, unlawful imprisonment, assault, and illegal possession of weapons, among other charges.