Dream Market Admin Charged: Crypto Laundered into Gold, $1.7M Seized

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DOJ says alleged Dream Market admin laundered crypto into <a href="https://jpyeur.com/gold">gold</a>

The U.S. Justice Department has accused German citizen Owe Martin Andresen of laundering money through Dream Market, an online black market that closed in 2019.

Summary

  • DOJ charged Owe Martin Andresen over alleged laundering tied to Dream Market administrator wallets.
  • Prosecutors said dormant crypto wallets moved funds before purchases of gold bars shipped to Germany.
  • Authorities seized $1.7 million in gold bars, cash and crypto-linked assets during searches.

Prosecutors believe Andresen was the primary person running the website. The Department of Justice also stated that Andresen was arrested in Germany last week, facing similar charges there.

Prosecutors stated that he used old, inactive accounts from the Dream Market website to transfer money, and then exchanged some of that money for gold bars.

Prosecutors cite dormant crypto wallets

Dream Market was a large online marketplace on the dark web, operating from 2013 until it was shut down. Authorities stated the site hosted around 100,000 items and used the Tor network and digital currencies to conceal the identities of both buyers and sellers, as well as their financial transactions.

Following the site’s closure, the Department of Justice noted that the underlying cryptocurrency systems of Dream Market remained largely intact. According to prosecutors, activity picked up again in late 2022, with money being moved from older Dream Market accounts into new, combined accounts. They believe these transfers were only possible because someone with access to the original private keys authorized them.

Prosecutors stated that in August 2023, Andresen purchased gold bars from international companies using a cryptocurrency service based in Atlanta. These gold bars were reportedly delivered to his home in Germany.

According to the Department of Justice, Andresen is accused of laundering over $2 million between August 2023 and April 2025. A search on May 7th uncovered approximately $1.7 million worth of gold bars, over $23,000 in cash, and details related to bank and cryptocurrency accounts. These accounts are believed to contain around $1.2 million gained from illegal activity on the Dream Market platform.

Crypto crime cases remain active

Andresen has been indicted on twelve charges related to money laundering, both domestically and internationally. Each charge could result in a prison sentence of up to 20 years. The Department of Justice emphasizes that Andresen is presumed innocent until proven guilty in a court of law.

I’ve been following some concerning news lately about increased crackdowns on money laundering in the crypto space. Just recently, the DOJ seized over $400 million connected to Helix, a crypto mixer used on the darknet. And it’s not just Helix – a guy in California got a hefty 70-month prison sentence for helping launder money from a $263 million crypto theft operation. It’s a reminder that while crypto offers opportunities, there’s a real downside with illegal activity and increased regulatory scrutiny.

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2026-05-17 17:52