US Indicts German Man for $2M Crypto Laundering via Gold Bars
The U.S. Department of Justice indicted Owe Martin Andresen, 49, a German citizen accused of laundering $2 million in crypto proceeds from darknet marketplace Dream Market. Authorities arrested Andresen in Germany on May 7, seizing approximately $1.7 million in gold bullion, $23,000 in cash, and freezing $1.2 million in bank and crypto accounts linked to the marketplace. According to the indictment, Andresen operated as Speedstepper, the main administrator of Dream Market, which shut down in 2019. In late 2022, he accessed dormant marketplace wallets and consolidated funds. Starting August 2023, he allegedly used an Atlanta-based crypto service to purchase gold bars from international dealers, shipped directly to his German home. Dream Market operated from 2013 to 2019, hosting nearly 100,000 listings. It facilitated sales of over 450 kg of cocaine, 90 kg of heroin, and 36 kg of fentanyl. The case follows a pattern of cracking down on darknet proceeds, similar to the recent recovery of $1 billion in Bitcoin from Silk Road. Each of the 12 U.S. counts carries up to 20 years in prison, with additional German charges carrying up to five years each.
Key facts
- Owe Martin Andresen, 49, indicted for laundering $2M in crypto from Dream Market.
- Arrested in Germany; $1.7M in gold, $23,000 cash seized.
- Allegedly used Atlanta crypto service to buy gold shipped to his home.
- Dream Market facilitated massive drug sales before shutting in 2019.
- 12 US charges, each up to 20 years; parallel German charges each up to 5 years.