A second suspect has been arrested in a harrowing case involving the alleged kidnapping and torture of an Italian tourist in an upscale Manhattan neighborhood, as part of a scheme to steal his cryptocurrency.

William Duplessie, 32, surrendered to police on Tuesday, days after his alleged accomplice, John Woeltz, 37, was taken into custody. Both men face multiple charges, including kidnapping for ransom, assault, and unlawful imprisonment.

According to authorities, the 28-year-old victim arrived in New York from Italy on May 6 and was invited to a luxury townhouse in SoHo—one of the city's wealthiest areas—rented by Mr. Woeltz for $30,000 to $40,000 per month. Once inside, the victim claims he was held captive for 17 days, subjected to severe physical abuse, and coerced into giving up access to his cryptocurrency.

The victim told police he was tortured in horrifying ways, including being hung off a roof ledge, shocked with electrical wires, assaulted with a chainsaw, and forced to smoke crack cocaine. He also alleged that a firearm was pointed at his head and that threats were made against his family. During the ordeal, his passport was allegedly confiscated to prevent his escape.

Authorities say the victim ultimately pretended to agree to reveal his Bitcoin wallet password. When the suspects left the room to retrieve his laptop, he seized the opportunity to flee the eight-bedroom home—barefoot and bloodied—and reported the incident to police. He was later treated at a hospital.

A subsequent police search of the SoHo residence uncovered Polaroid photographs showing the victim tied up and being tortured, as well as firearms and illegal drugs.

Mr. Duplessie is said to be a business associate of Mr. Woeltz, a crypto investor from Kentucky. A woman who was also detained on Friday has not been charged.

This case is part of a broader trend involving cryptocurrency-related abductions. In France, more than 20 people have recently been arrested in connection with kidnapping plots targeting crypto entrepreneurs and their families. These arrests follow incidents including a failed kidnapping attempt in Nantes and an attempted abduction of a woman and child in Paris.

Commenting on the U.S. case, cyber-crime defense attorney David Seltzer told CBS News, "It's becoming a thing because people think it's an easy way to get cash. Instead of robbing a bank, they kidnap someone and demand access to their crypto wallet."

Authorities continue to investigate the case, which highlights the growing risks associated with the high-stakes world of digital currency.