US DOJ Accuses Dream Market Admin of Turning Crypto Into $1.7 Million in Gold Bars

The U.S. Department of Justice indicted Owe Martin Andresen, 49, over an alleged $2 million crypto laundering scheme. Prosecutors say the German citizen converted darknet proceeds into gold bars shipped to his home.

Authorities arrested Andresen in Germany on May 7. Investigators seized roughly $1.7 million in gold bullion and $23,000 in cash. Another $1.2 million in bank and crypto accounts was linked to the marketplace.

How the Alleged Scheme Worked

Prosecutors say Andresen operated under the moniker Speedstepper. He was the long-unidentified main administrator of Dream Market, which shut down voluntarily in 2019 amid law enforcement pressure.

According to the indictment, Andresen accessed dormant marketplace wallets in late 2022. He then routed the funds into new consolidated addresses.

Beginning August 2023, he allegedly used an Atlanta-based crypto service to buy gold bars from international dealers. The dealers shipped the bullion directly to his German home address.

A Familiar Darknet Enforcement Pattern

Dream Market operated from 2013 to 2019 and hosted close to 100,000 listings at its peak. Buyers paid in Bitcoin (BTC) to obscure transaction trails.

Reportedly, the site facilitated sales of more than 450 kilograms of cocaine and 90 kilograms of heroin. DOJ figures also cite 36 kilograms of fentanyl moved through the platform.

Earlier prosecutions convicted Dream Market admins using the handles Oxymonster, KITT3N, and GOWRON. Speedstepper, however, remained unidentified for years.

The indictment fits a broader crackdown on dormant darknet proceeds, including the recent recovery of $1 billion in Bitcoin tied to Silk Road.

Each of the 12 US counts carries up to 20 years in prison, while parallel German charges add up to five years each.

The case suggests that wallets once controlled by Dream Market’s senior administrators are finally back in circulation.