A Kentucky man who allegedly used a property in New York to torture a kidnapping victim was arrested on Friday.

According to WNBC, John Woeltz, along with an associate, allegedly subjected a 28-year-old Italian business partner to torture shortly after the victim arrived in the city on May 6. The two reportedly seized the man’s passport and electronic devices, torturing him in an attempt to force him to disclose his Bitcoin password, as reported by CrimeOnline.

As reported by sources to the New York Post, Woeltz, dubbed the “Crypto King,” is a co-founder of a Swiss trading company. The shocking ordeal of abduction and brutality is said to have taken place within a Manhattan townhouse rented by Woeltz over several weeks.

The New York Post detailed that the victim was subjected to binding and physical assault, including being shocked with a taser while his feet were placed in a bucket of water. Sources indicated that he was also pistol-whipped, had his limbs cut with a chainsaw, and endured being urinated on while suspended from the top of a staircase.

Law enforcement sources told WNBC that officers found Polaroid pictures of the victim tied up and tortured. They reportedly also discovered a gun and other items used to carry out the torture.

Woeltz was charged with kidnapping, unlawful imprisonment, assault, and criminal possession of a weapon charges. He remains jailed without bond.

The New York Post reported that Woeltz’s accused accomplice was originally held on and unlawful imprisonment charges before being released from custody.

[Feature Photo: ABC 7 video screengrab]