Two prominent cryptocurrency investors, John Woeltz and William Duplessie, have pleaded not guilty to kidnapping and Bitcoin extortion charges in a Manhattan court. The case involves allegations of a ‘wrench attack’—a physical coercion tactic used to force victims into transferring digital assets.
Despite the high-profile nature of the incident involving alleged victim Michael Valentino Teofrasto Carturan, cryptocurrency markets showed no measurable reaction. Carturan confirmed the event caused no direct impact on Bitcoin prices or trading volumes, underscoring market resilience amid isolated security breaches.
Security experts warn the case exposes persistent vulnerabilities for high-net-worth crypto holders, urging enhanced protective measures. Recommendations include multi-signature wallets and hardware storage solutions to mitigate risks of physical asset coercion.
The incident has not triggered immediate regulatory intervention or market volatility, reflecting the crypto ecosystem’s growing maturity in compartmentalizing criminal events from broader financial performance.