An Italian tourist was chained up, electrocuted, and taunted with a chainsaw for weeks inside a lavish SoHo apartment by a cryptocurrency entrepreneur, it's been revealed.

John Woeltz, 37, was arrested in New York on Friday after the unnamed tourist escaped the house of horrors and informed a police officer that he had been kidnapped and tortured for weeks.

Kentucky-born Woeltz was allegedly part of a group that concocted a sadistic scheme to lure the tourist to New York so they could access his crypto account.

Police said the victim was tied up with electrical cords and electrocuted as Woeltz attempted to gain access to his passwords, reports the New York Post.

The victim, a 28-year-old man, was then tasered with his feet in the water and pistol-whipped.