A 37-year-old cryptocurrency investor, John Woeltz, has been charged with multiple serious offenses, including kidnapping with intent to collect ransom, assault, unlawful imprisonment, and criminal possession of a firearm.

The charges stem from allegations that Woeltz tortured a 28-year-old man over several weeks in a Manhattan apartment, beginning on May 6. Prosecutors state that he was demanding access to the man's Bitcoin account by coercing him to reveal his password.

According to law enforcement officials, the victim, who had recently arrived in New York City from Italy, managed to escape from the apartment and flagged down a traffic officer for assistance.

Woeltz has pleaded not guilty to the charges and is currently being held without bail.

Details of the alleged abuse are disturbing; prosecutors claim that the victim was bound at the wrists, drugged, and subjected to electric shocks.

Reports indicate he was hit in the head with a firearm and threatened with harm to his family if he did not comply with Woeltz's demands.

The injuries sustained by the victim were reported to be consistent with his account of the abuse, and law enforcement officials found evidence supporting these claims in the apartment during a subsequent search.

It has also been suggested that other individuals were involved in the plot to gain access to the victim's Bitcoin.

Woeltz's attorney, Wayne Gosnell, has refrained from commenting on the case.

The next court appearance for Woeltz is set for Wednesday.