Who are the 'crypto bros' behind the SoHo kidnapping case: Bitcoin, torture, NYC nightlife

NEW YORK - The kidnapping case in Manhattan is shedding light on the violent side of the cryptocurrency world, where high-tech security can be undone by brute force.

Prosecutors say a 28-year-old man visiting from Italy was lured into an eight-bedroom townhouse in SoHo by two men who wanted his Bitcoin password. 

What followed was weeks of torture in one of the most expensive neighborhoods in New York City.

SKIP TO: 'CRYPTO BROS' | WHAT IS A WRENCH ATTACK? | SOHO ATTACK 

The victim was allegedly bound, drugged, shocked with wires, beaten with a firearm, and even dangled over a staircase. 

Watch: ‘Crypto bros’ party at NYC night club (TMZ)

Now known as the "crypto bros," authorities have charged 33-year-old William Duplessie of Miami and 37-year-old cryptocurrency investor John Woeltz.

Both face charges including kidnapping, assault, unlawful imprisonment, and criminal possession of a firearm.

Investigators say the two kept the victim locked inside the townhouse, torturing him until he finally gave up his password.

TMZ reports that the men spent up to $100,000 in a single night at The Box, a popular New York City nightclub, while living at the five-star Aman Hotel.

At the core of this case is a brutal crime on the rise called a wrench attack, where criminals use violence to force victims to unlock their digital assets.

Crypto 'wrench attack' explained

In simple terms, a wrench attack is when someone physically threatens a person until they give up their crypto password.

It's a reference to the idea that it is easier to steal Bitcoin by hitting someone with a wrench than by trying to hack their wallet.

SKIP TO: 'CRYPTO BROS' | WHAT IS A COLD WALLET? | SOHO ATTACK |  WRENCH ATTACK 

Phil Ariss, of the crypto tracing firm TRM Labs, says wrench attacks are becoming more common as digital currency enters mainstream finance. 

Criminals are catching on to the fact that even the most secure wallet is useless if its owner can be forced to unlock it.

What happened in SoHo crypto case?

Police say the victim, a 28-year-old man from Italy, arrived in New York City in early May. 

On May 6, he was abducted and taken to an eight-bedroom townhouse in SoHo, where prosecutors say he was held captive for nearly three weeks. 

Inside the home, William Duplessie and John Woeltz allegedly drugged him, beat him with a gun, and shocked him with electric wires. At one point, they carried him to the top of a staircase and threatened to throw him over a ledge if he didn’t reveal his Bitcoin password.

SKIP TO: 'CRYPTO BROS' | WHAT IS A COLD WALLET? | SOHO ATTACK |  WRENCH ATTACK

Eventually, the victim agreed to give up the password, which was stored on his laptop in another room. When one of the suspects turned his back, he seized the chance to escape, running out of the townhouse and flagging down a traffic officer.

He was taken to a hospital and treated for injuries that prosecutors say matched his account.

Investigators later searched the townhouse and found cocaine, a saw, chicken wire, body armor, night vision goggles, ammunition, and polaroid photos showing a gun pointed at the victim’s head.

Who are the ‘Crypto bros’?

John Woeltz, 37, is a cryptocurrency investor now at the center of a brutal kidnapping case. 

Prosecutors say he helped hold a man captive for weeks inside a SoHo townhouse, using violence to force him to give up his Bitcoin password.

SKIP TO: 'CRYPTO BROS' | WHAT IS A COLD WALLET? | SOHO ATTACK |  WRENCH ATTACK 

Woeltz was arraigned Saturday on charges of kidnapping, assault, unlawful imprisonment, and criminal possession of a firearm. A judge ordered him held without bail and required him to surrender his passport. Prosecutors said he has the means to flee, including access to a private jet and a helicopter. He is due back in Manhattan criminal court next week.

Who is William Duplessie?

William Duplessie, 32, faces the same charges in the case: kidnapping, assault, unlawful imprisonment, and criminal possession of a weapon. He turned himself in to police four days after the victim escaped from the townhouse and flagged down a traffic officer.

Online, Duplessie is listed as the cofounder and head of sourcing at Pangea Blockchain Fund and as an investor in several blockchain companies. Pangea has not responded to requests for comment.

SKIP TO: 'CRYPTO BROS' | WHAT IS A COLD WALLET? | SOHO ATTACK |  WRENCH ATTACK 

‘Crypto Bros’ party at The Box

John Woeltz and his alleged accomplice, William Duplessie, began frequenting The Box nightclub in February, sometimes spending between $80,000 and $100,000 in a single night, according to sources with direct knowledge. Photos and videos show the two at the club.

Other recent crypto crimes

Dig deeper:

Last August in Danbury Connecticut, a couple was beaten and kidnapped in a ransom scheme tied to their son’s alleged $240 million crypto theft.

An FBI report found internet crime caused billions of dollars in losses in 2024, up from the year before. 

Cryptocurrency theft accounted for the largest share, with victims losing more than 6.5 billion dollars.

Cold wallets explained: A defense against rising crypto theft

Cryptocurrency gives users full control over their money without needing a bank or government. 

But that also means there is often no way to recover stolen funds.

What you can do:

To avoid online hacks, many crypto holders use what are called cold wallets — devices that store passwords offline. But criminals are increasingly turning to physical threats to get what they want.

Experts say some of the best defenses include using wallets that require multiple approvals, storing assets in multiple places, and avoiding public exposure. Many in the crypto world go to great lengths to stay anonymous, using nicknames and avatars instead of real names or faces.

SKIP TO: 'CRYPTO BROS' | WHAT IS A COLD WALLET? | SOHO ATTACK |  WRENCH ATTACK 

It is still unclear how much cryptocurrency the victim had, or whether the attackers were able to access it.

But one thing is clear: as crypto becomes more valuable and more visible, the risks of holding it are no longer just digital. 

In some cases, they are deadly real.

Crime and Public Safety