NEW YORK (AP) — A cryptocurrency investor named John Woeltz, 37, has been arrested and charged with kidnapping a man and holding him captive for several weeks in a luxurious Manhattan apartment. Authorities allege that during this time, the victim was subjected to physical abuse, torture, and psychological manipulation, all aimed at extracting his Bitcoin password.

Woeltz was taken into custody late on Friday night after the victim, a 28-year-old man who had recently arrived in New York City from Italy, managed to escape from the eight-bedroom townhouse and flagged down a nearby traffic officer for assistance, according to prosecutors. Woeltz was arraigned on Saturday on multiple charges, including kidnapping, assault, unlawful imprisonment, and criminal possession of a firearm. Court records indicate that he has been ordered to be held without bail.

Details regarding how Woeltz and the victim knew each other remain unclear. However, prosecutor Michael Mattson informed the court that the abduction took place on May 6. In addition to Woeltz, court documents suggest that others may have been involved in this scheme to access the victim’s cryptocurrency assets. One of these individuals is described in court records as an “unapprehended male.”

According to the victim's statements, he endured a harrowing experience wherein he was bound and tortured for weeks in the apartment. Prosecutors detailed that his captors drugged him, electrocuted him with wires, struck him with a firearm, and even dangled him over a ledge while threatening his life if he did not surrender his Bitcoin password.

The victim’s escape was a calculated move. On Friday, he convinced Woeltz that he was prepared to provide his password, which was stored on a laptop in a different room. As Woeltz turned his back to retrieve the laptop, the victim seized the opportunity to flee.

Upon his escape, the victim promptly received medical attention at a hospital, where he was treated for injuries consistent with his accounts of being restrained and assaulted. A subsequent search of the townhouse unearthed significant evidence, including cocaine, a saw, chicken wire, body armor, night vision goggles, ammunition, and Polaroid photos depicting the victim with a gun aimed at his head.

In light of the circumstances and the potential flight risk posed by Woeltz, who possesses access to a private jet and a helicopter, he was ordered to surrender his passport. He is scheduled to return to Manhattan criminal court next week.

Throughout this disturbing case, the implications of cryptocurrency, especially in relation to security and personal safety, have come to the forefront of discussions surrounding digital assets. The ongoing investigation will likely shed more light on the participants and the full scope of this alarming incident.