Two men accused of abducting an Italian crypto trader in New York have been granted bail set at $1 million. They maintain their innocence.
Charges of Kidnapping
The suspects, John Woeltz and William Duplessie, come from different parts of the U.S. and are charged with kidnapping and torturing a 28-year-old Italian crypto trader. Prosecutors allege he was taken hostage upon his arrival in New York in early May and was held captive for weeks, enduring physical abuse and threats of death if he did not surrender access to his Bitcoin.
Conditions of Bail
The court granted each suspect bail set at $1 million. Conditions of their release include wearing electronic ankle monitors, surrendering their passports, and undergoing security checks every 72 hours.
Increasing Threats in Crypto Industry
In light of this incident, there are rising concerns about physical safety in the cryptocurrency industry. Recently, there has been a spike in demand for personal protection services among high-profile crypto figures.
The court proceedings for the suspects will continue on October 15. The community watches with concern as violence appears to be an emerging reality within the cryptocurrency space.
