Suspects in New York crypto kidnapping and torture case granted bail

John Woeltz, 37, appears for arraignment in Manhattan Criminal Court on May 24, after he was arrested for allegedly holding an Italian tourist hostage in an apparent scheme to steal the man's cryptocurrency fortune. (Curtis Means/Pool/Reuters via CNN Newsource)

Two men accused of torturing and holding a man hostage in a Manhattan townhouse for several weeks as they tried to access his cryptocurrency were granted bail Wednesday, according to updated case information.

New York Supreme Criminal Court Judge Gregory Carro set bail at $1 million each for John Woeltz, 37, and William Duplessie, 33, who have been in custody since their arrest in May.

Woeltz and Duplessie pleaded not guilty to multiple charges, including kidnapping, assault and coercion.

The 28-year-old victim, reportedly an Italian cryptocurrency trader, arrived in New York City from Italy in early May. He was abducted on May 6, police told CNN. It’s not clear whether the victim knew the men who kidnapped him.

Prosecutors said the unnamed victim was tortured for days, threatened with death and at one point dangled over a railing unless he revealed his Bitcoin password. When he refused, he was beaten, shocked with electric wires, and struck in the head with a firearm, they said.

The accused also allegedly bound the man’s wrists and threatened to kill his family, according to the Manhattan District Attorney.

In late May, the victim escaped the apartment where he was allegedly being held after agreeing to provide his password, which was stored on his laptop in another room, prosecutors said. When one of the suspects turned his back, the victim fled the apartment and sought help from a traffic officer, police said.

He was taken to a hospital and treated for injuries that prosecutor Michael Mattson said were consistent with his descriptions of being bound and assaulted, the Associated Press reported.

Woeltz, a Kentucky native and cryptocurrency investor, was arrested after the victim’s escape. Duplessie, a Miami resident, turned himself in the following week.

A search of the townhouse turned up a trove of evidence, Mattson said, including cocaine, a saw, chicken wire, body armor and night vision goggles, ammunition, and polaroid photos of the victim with a gun pointed to his head, the AP reported.

Inmate records show that, as of Wednesday evening, both men are still in custody. Their next court appearance will be scheduled for October 15.

CNN has reached out to the Manhattan District Attorney’s Office for further comment.

By Karina Tsui, Kelly McCleary, CNN