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DLNews Law and Order:

NEW YORK CITY – In a scandal that reads like a Netflix thriller, John Waltz—the self-proclaimed “Crypto King of Kentucky”—has been dethroned in dramatic fashion after being arrested in an Upper Manhattan townhome for orchestrating a brutal kidnapping over a $30 million Bitcoin stash.

The 37-year-old multimillionaire, whose crypto portfolio reportedly approaches $100 million, is accused of masterminding a harrowing 17-day ordeal that left a 28-year-old Italian businessman battered, terrified, and stripped of both freedom and fortune. The victim, whose name remains undisclosed for safety reasons, was allegedly lured into the lavish six-story residence on May 6—only to have his passport snatched, devices seized, and family threatened at gunpoint.

Sources close to the investigation say the captive was mercilessly beaten, pistol-whipped, and even dangled over a stairwell ledge as Waltz and his unnamed accomplice demanded access to his digital wallets. At one point, the suspects allegedly forced him to log into his crypto accounts under threat of death.

What followed was a descent into a digital-age nightmare—crypto codes, luxury prison walls, and a kingpin in a bathrobe. The standoff only ended when the bloodied victim miraculously escaped and flagged down a city traffic agent, who then contacted NYPD. Officers raided the townhouse shortly after and found Waltz—barefoot, bathrobed, and utterly unprepared for the collapse of his crypto kingdom.

While Waltz now sits behind bars on a laundry list of charges, including kidnapping, assault, and unlawful imprisonment, the second suspect has vanished, prompting a citywide manhunt.

The incident adds to a disturbing global trend of violence targeting the wealthy elite of the crypto world. From a thwarted abduction in Paris to a recent armed robbery in Houston, digital fortunes have become physical liabilities.

Law enforcement officials say the case is a wake-up call. “Crypto is no longer just a digital risk. These are real-world crimes with high stakes and violent consequences,” said one NYPD detective familiar with the case.

As for Waltz, the once-envied blockchain baron now faces a far less glamorous fate—trading crypto codes for prison stripes, and his empire for a cell.