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 transformed darknet proceeds into gold bars shipped to his dwelling.
Authorities arrested Andresen in Germany on May 7. Investigators seized roughly $1.7 million in gold bullion and $23,000 in money. Another $1.2 million in financial institution and crypto accounts was linked to {the marketplace}.
How the Alleged Scheme Worked
Prosecutors say Andresen operated below the moniker Speedstepper. He was the long-unidentified important administrator of Dream Market, which shut down voluntarily in 2019 amid regulation enforcement stress.
According to the indictment, Andresen accessed dormant market 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 purchase gold bars from worldwide sellers. The sellers shipped the bullion on to his German dwelling tackle.
A Familiar Darknet Enforcement Pattern
Dream Market operated from 2013 to 2019 and hosted near 100,000 listings at its peak. Buyers paid in Bitcoin (BTC) to obscure transaction trails.
Reportedly, the location facilitated gross sales of greater than 450 kilograms of cocaine and 90 kilograms of heroin. DOJ figures additionally cite 36 kilograms of fentanyl moved by means of the platform.
Earlier prosecutions convicted Dream Market admins utilizing the handles Oxymonster, KITT3N, and GOWRON. Speedstepper, nevertheless, remained unidentified for years.
The indictment matches a broader crackdown on dormant darknet proceeds, together with the latest restoration of $1 billion in Bitcoin tied to Silk Road.
Each of the 12 US counts carries as much as 20 years in jail, whereas parallel German costs add as much as 5 years every.
The case means that wallets as soon as managed by Dream Market’s senior directors are lastly again in circulation.
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