NYC Crypto Torture-Kidnapping Suspect John Woeltz Posts $1 Million Bond

One of the New York City "crypto bros" accused of kidnapping and torturing an Italian millionaire to extract his Bitcoin password is out of police custody ... and it's an expensive proposition.

John Woeltz posted $1 million bond Thursday ... and our photog got him walking out of the Manhattan Criminal Courthouse.

Celebrity bail bondsman Ira Judelson put together the bail package for Woeltz ... and Ira attached an electronic monitoring device to Woeltz's ankle before taking him to an undisclosed location in New York, where Woeltz will be under home confinement as the case plays out.

A judge initially denied Woeltz bail back in May ... but last week, a Manhattan Supreme Court Justice granted Woeltz and his alleged accomplice, William Duplessie, $1 million bail each and told them cryptocurrency would not be accepted.

Woeltz -- nicknamed the "Crypto King of Kentucky" -- and Duplessie have pleaded not guilty to charges of kidnapping, assault, unlawful imprisonment, and criminal possession of a weapon.

The suspects allegedly lured Italian entrepreneur Michael Valentino Teofrasto Carturan to a swanky Manhattan townhouse they were renting and kept him trapped there for over 17 days, trying to force him to cough up his Bitcoin password.

Prosecutors say the suspects drugged Carturan, pistol-whipped him, and used electrical wires to shock him. At least one of the men allegedly carried him to the top of a staircase and threatened to throw him over a ledge if he didn’t give up his Bitcoin password. Eventually, Carturan caved and pointed to a laptop where the password was stored ... at which point he ran down the stairs and out the front door.

At the time, TMZ obtained exclusive video of Carturan running away from the townhome, sprinting towards a traffic cop -- moments before Woeltz was arrested. Duplessie later turned himself in at a police precinct. Carturan was hospitalized and treated for injuries prosecutors say corroborate his account.

Cops say they searched the SoHo townhouse and uncovered cocaine, a saw, chicken wire, body armor, night vision goggles, ammunition, and Polaroids showing a gun pointed at Carturan's head, among other alleged evidence.