SoHo Kidnapping Case Highlights Rising Crypto Threats

Two men have pleaded not guilty to charges related to the kidnapping and torture of an individual in Manhattan's SoHo district. The accused, John Woeltz, 37, and William Duplessie, 33, allegedly sought to obtain the victim's bitcoin password.

Prosecutors allege that the duo subjected the victim to three weeks of brutal beatings, including using electric wires and making threats against his family, to coerce him into revealing his cryptocurrency password. Both men have been in custody since their arrests and could face life sentences if convicted.

The case highlights the growing security concerns for cryptocurrency investors, as wealth accumulation from bitcoin's surge attracts criminal activities. Experts warn that as the cryptocurrency market expands, so does the appeal for illicit targeting, with similar incidents occurring globally.

(With inputs from agencies.)