$3M Bail Denied in NYC Case Tied to Crypto Kidnapping

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$3 Million Bail Rejected in Manhattan Case Tied to Crypto Kidnapping

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 02, 2025

Key Takeaways

William Duplessie was indicted in a crypto investor kidnapping case and denied bail due to the case’s severity;
Co-defendant John Woeltz remains in custody despite a $2 million bond request and no prior criminal record;
Beatrice Folchi was also arrested and charged but released while the investigation continues.

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$3 Million Bail Rejected in Manhattan Case Tied to Crypto Kidnapping

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William Duplessie has been formally charged in a case involving the kidnapping and assault of an Italian cryptocurrency investor, Michael Valentino Teofrasto.

According to a report by Associated Press on May 30, Duplessie has been indicted on charges including kidnapping, assault, unlawful imprisonment, and illegal possession of a weapon.

The charges were filed by a Manhattan grand jury, and the details will remain sealed until the arraignment scheduled for June 11.

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He turned himself in to the New York Police Department on May 27 and later requested to be released on $1 million bail. That request was denied due to the seriousness of the case.

John Woeltz, who was also charged on May 24, did not appear in court but asked to be released on a $2 million bond. His lawyer, Attorney Wayne Gosnell, stated that Woeltz has no prior criminal record and holds a degree in philosophy. He also told the judge, "He’s been very successful in the technology world".

However, the court ruled that Woeltz must remain in custody while the case moves forward.

A third suspect, Beatrice Folchi, was also arrested. She faces charges of first-degree kidnapping and unlawful imprisonment, but has been released as the investigation continues. Authorities have not confirmed whether she will face more charges later.

The incident took place on May 6 in a rented townhouse in Manhattan’s Soho area. Teofrasto was held and tortured for over two weeks until he managed to escape.

Furthermore, reports said that two New York City police officers were involved in this kidnapping case. How? Read the full story.