One of two suspects charged with torturing an Italian millionaire in a New York City apartment, reportedly because he refused to share his bitcoin password worth $100 million, was released from jail after spending two months there.

According to the New York Post, 37-year-old John Woeltz was freed from Rikers Island on a $1 million bond. His release followed a decision by a Manhattan judge to grant bond for both Woeltz and his alleged partner in crime, 33-year-old William Duplessie.

The two men are accused of abducting and torturing Michael Valentino Teofrasto Carturan, an Italian cryptocurrency trader. Their defense attorneys compared the alleged torture to “fraternity-like hazing.”

The complaint states that when Carturan refused to give them his Bitcoin password, he was subjected to various forms of abuse, including beatings, shocks from electric wires, being struck on the head with a firearm, and having a gun pointed at his head multiple times. They even allegedly hung him over a stair ledge, threatening his life if he did not reveal the password.

John Woeltz walks free from Manhattan Supreme Court on Thursday, July 31, 2025. (Kevin Downs for Fox News Digital)

Woeltz is said to have threatened the victim’s family in Italy, while further humiliating the victim by having others urinate on him and forcing him to use drugs during his captivity, according to authorities.

Prosecutors stated that the pair allegedly drafted a manifesto detailing their intent to steal Carturan’s cryptocurrency. The victim was eventually able to escape and sought help from a nearby traffic officer.

Both defendants are scheduled to appear in court Oct. 15.