Crypto Tycoon Granted Bond After Year in Rikers Island

William Duplessis, a 33-year-old crypto entrepreneur, is set to be released on bail after spending a year at Rikers Island, following serious charges involving the torture of an Italian millionaire in a luxury Soho townhouse.

His bail has been reduced to $250,000, with family members agreeing to put up the bond, as sources close to the situation report. A Manhattan Supreme Court judge, Gregory Caro, approved this arrangement on Wednesday afternoon. Duplessis, who resides in Miami, is expected to walk free on Thursday.

Duplessis and his alleged associate, John Welts, 38, are accused of holding trader Michael Kerturan hostage for over two weeks last May, subjecting him to horrific torture in Kerturan’s own mansion on Prince Street in an attempt to obtain access to his cryptocurrency accounts.

Prosecutors allege that Welts, described as a $100 million crypto dealer, orchestrated the brutalities, which included acts such as pistol-whipping and even using a chainsaw against Kerturan. The brutality escalated to the point of urination on the victim while he was restrained.

Welts had already been released to house arrest last July, with the help of his parents—his father made the home unsafe and his mother pledged to pay the entire $1 million bail if he didn’t adhere to the court’s rules.

Initially, Duplessis’ bail was set at the same $1 million amount, but a judge agreed to reduce it last month, considering that he had been stuck in prison for quite a while. He will wear an ankle monitor as part of his release, a system managed by Ira Judelson, known for his work with high-profile defendants.

Both Duplessis and Welts maintain their innocence, claiming that the bizarre acts were part of a consensual party atmosphere. Their lawyers have made these assertions vigorously. The two will return to court next Monday for a status update in this case.

Court documents reveal that Welts was taken into custody after Kerturan managed to alert traffic officers about his harrowing experience, identifying Duplessis as his accomplice shortly thereafter.

Duplessis was arrested four days later, following a Memorial Day weekend spent in the Hamptons, as per law enforcement sources. It’s worth noting that Duplessis and his father, James, had once co-founded a blockchain fund based in Switzerland before their legal troubles began.