4 Minutes
Privileged Beginnings and a Rapid Descent
William Duplessie grew up surrounded by wealth in Greenwich, Connecticut — a childhood that included proximity to billionaire financiers yet diverged into instability and violence. The son of an investment manager specializing in distressed debt, Duplessie struggled through private schools, left college after episodes of heavy partying and alleged violent behavior, and was eventually sent abroad as his family tried to regain control of his life.
Early warning signs
By his late teens, Duplessie's life had reportedly been shaped by drug use, altercations with local dealers, and repeated school dropouts. Attempts at higher education — first at Bard, then at Tulane — dissolved amid rumors of impulsive violence and mounting substance abuse.
Pivot to Crypto and the Swiss Fund
In 2018, Duplessie began exploring cryptocurrency and blockchain as an opportunity to reinvent himself. As his family’s financial situation tightened, he and his father relocated to Switzerland, aiming to attract wealthy backers for an investment fund that promised high returns in digital assets. Early high-profile support arrived from Roger Ver — a well-known Bitcoin (BTC) proponent — who allegedly invested $2 million. That endorsement helped the fund secure additional capital from a Swiss asset manager and reportedly assisted in raising millions more.
Lavish lifestyle, fragile foundations
With significant investor funds came an ostentatious lifestyle. Critics later said the operation appeared more focused on appearances than on robust crypto asset management or sound blockchain investment strategies. By 2020 the fund's structure unraveled and the principals fled, leaving serious questions about governance, due diligence, and investor protection in crypto investments.
From Partying to Alleged Kidnapping and Extortion
By 2024, Duplessie had connected with John Woeltz, a reclusive early Bitcoin miner. Their relationship reportedly combined survivalist ideology, a fixation on cybersecurity and self-sufficiency, and a growing willingness to use violence. Parties escalated into militarized gatherings featuring tactical gear and weapons. According to reporting, the pair drafted a manifesto to befriend wealthy crypto investors, gather intelligence on their holdings, and coerce access to private keys and wallets.
The alleged attack on a crypto investor
Prosecutors say their scheme targeted Michael Carturan, an Italian developer who controlled roughly $30 million in cryptocurrency. Carturan was allegedly lured to a Manhattan townhouse with promises of business collaboration and lavish social life, then subjected to escalating physical abuse — reportedly to force the disclosure of his private keys and crypto access. Victims and witnesses have described public humiliation and torture in attempts to extract passwords and seed phrases. Carturan escaped, injured, and later reported the crimes to authorities; Duplessie and Woeltz were charged and are now on trial.
Implications for Crypto Investors and Security
This case highlights acute risks for high-net-worth crypto holders: the importance of secure custody, hardware wallets, multisig setups, and strong operational security to protect private keys. It also underscores the need for robust investor due diligence when entrusting funds to newly formed crypto funds or unknown managers. As blockchain adoption grows, law enforcement and regulatory scrutiny in cases of extortion and physical coercion targeting crypto wealth will likely increase.
Takeaways for the community
Investors should prioritize self-custody best practices, avoid centralizing large holdings in single, lightly regulated funds, and insist on transparent governance and third-party audits. The Duplessie case is a stark reminder that the combination of wealth, secrecy, and speculative crypto markets can attract criminal behavior that goes beyond online scams to violent, real-world threats.
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