The U.S. Department of Justice has indicted German national Owe Martin Andresen, 49, for allegedly laundering over $2 million in cryptocurrency proceeds from the defunct darknet marketplace Dream Market. Prosecutors say Andresen, believed to be the platform's main administrator known as "Speedstepper," accessed dormant wallets in late 2022 and converted the illicit funds into physical gold bars shipped to Germany.
Dream Market operated from 2013 until its voluntary shutdown in 2019, hosting nearly 100,000 listings for drugs, fake IDs, and other contraband. According to the indictment, Andresen used private keys to move millions in untouched commission payments from long‑inactive wallets in November and December 2022. The stolen cryptocurrency was then transformed into approximately $1.7 million in gold bullion, alongside $23,000 in cash and $1.2 million held in bank accounts and additional crypto wallets.
A coordinated U.S.-German law enforcement operation arrested Andresen on May 7, 2026, and simultaneously raided his residence and two other locations. He faces six counts of international concealment money laundering and six counts of domestic concealment money laundering, each carrying up to 20 years in federal prison. German authorities have filed parallel charges with penalties of up to five years per count. The case highlights that the permanent nature of blockchain ledgers allows investigators to trace illicit funds for years, even after marketplaces disappear.
