US prosecutors have indicted Owe Martin Andresen, 49, on charges of laundering $2 million in cryptocurrency into gold bars shipped to Germany. According to reports from the US Department of Justice, Andresen operated under the moniker Speedstepper and was the long-unidentified main administrator of Dream Market, which shut down voluntarily in 2019 amid law enforcement pressure. The 12-count indictment contains six counts of international concealment money laundering and six counts of concealment money laundering, with each count carrying up to 20 years in prison. German authorities arrested Andresen on May 7, 2026, with investigators seizing approximately $1.7 million in gold bullion and $23,000 in cash.
The alleged scheme involved converting darknet proceeds into physical gold assets over an extended period. As reported by the US Department of Justice, Andresen accessed dormant marketplace wallets in November and December 2022 and routed funds into new consolidated addresses. Beginning August 2023, he allegedly used an Atlanta-based crypto service provider to purchase gold bars from international dealers, with the laundering activity spanning from August 2023 through April 2025. Another $1.2 million in bank and crypto accounts was linked to the marketplace operations, demonstrating the scale of the alleged criminal enterprise.
Dream Market operated from 2013 to 2019 and hosted close to 100,000 listings at its peak, making it one of the largest darknet marketplaces of that era. According to DOJ figures, the platform facilitated sales of more than 450 kilograms of cocaine, 90 kilograms of heroin, and 36 kilograms of fentanyl. The case represents a notable example of crypto-to-physical-asset laundering, where digital currency proceeds are converted into hard assets like gold to obscure their origin. As cybersecurity commentator Graham Cluley noted, "If the claims of prosecutors are true, it was a massive error by the man suspected of being the Dream Market kingpin."
The indictment represents part of a broader crackdown on dormant darknet proceeds, with the case demonstrating how law enforcement can maintain surveillance on inactive infrastructure indefinitely. The conversion into gold is significant because it represents an exit from the blockchain altogether, creating gaps in digital traceability. However, using a regulated Atlanta-based service provider to make the gold purchases left enough of a paper trail for the DEA and IRS Criminal Investigation to build their case. Andresen remains in German custody, with extradition proceedings not yet publicly detailed. The case reinforces that facilitating conversions from cryptocurrency to physical assets requires robust know-your-customer procedures.
