DOJ Uncovers Alleged $2M Crypto Laundering Operation Tied to Darknet

• In 2022, Andresen reportedly logged into dormant wallets on the site called Dream Market and transferred millions of untouched cryptocurrency commission payments.
• The U.S. and German governments seized $1.7M in gold bars, $23K in cash and $1.2M in proceeds from bank accounts and cryptocurrencies.
• Andresen is currently charged with up to 20 years in the U.S. federal prison, plus additional money laundering charges in Germany.

The DOJ has uncovered an alleged $2 million crypto laundering operation connected to Dream Market, one of the darknet’s largest illegal marketplaces. 

Federal prosecutors charged German national Owe Martin Andresen, 49, as the platform’s suspected main administrator. 

Authorities say he moved funds from dormant cryptocurrency wallets and converted them into gold bars shipped to Germany. 

Andresen was arrested on May 7, 2026, in a coordinated U.S.-German law enforcement operation.

DOJ Traces Crypto Funds Linked to Years of Darknet Activity

Dream Market was in operation from 2013 up until it closed down voluntarily in 2019. The market had nearly 100,000 listings on it during its existence.

It was a platform through which one could trade heroin, cocaine, methamphetamine, fentanyl, oxycodone, as well as fake IDs.

Users used Tor to be anonymous, while cryptocurrency helped to obfuscate the origin and destination of the payments.

Theodore S. Hertzberg, U.S. Attorney, gave insight into the characteristics of the scheme. He said that Andresen funneled commissions derived from the trade of illegal drugs, personal data, and counterfeit documents through crypto wallets.

Hertzberg added that Andresen then converted those proceeds into gold bars. He further noted that coordinated efforts between federal and German law enforcement made the arrest and dual prosecution possible.

The DOJ had previously prosecuted several Dream Market figures over the years. Administrators known as “Oxymonster” and “KITT3N” were convicted through prosecutions in Florida and the DOJ’s Computer Crime and Intellectual Property Section. 

A mid-level administrator operating under the name “GOWRON” received a separate conviction from the UK Crown Prosecution Service.

However, even with these convictions, the head administrator of the platform, “Speedstepper,” remained unidentified until recently.

Following the shutdown of Dream Market in 2019, the cryptocurrency wallets of the marketplace remained largely unused. Those wallets reportedly held millions of dollars in commission payments earned through illegal marketplace transactions. 

In November and December 2022, Andresen allegedly accessed those wallets and moved funds into newly consolidated cryptocurrency accounts. 

Prosecutors argue that only someone holding Dream Market’s original private keys, believed to be “Speedstepper,” could have initiated those transfers.

Federal Charges Follow Multi-Agency Investigation and Physical Seizures

Kareem Carter, IRS Special Agent in Charge, spoke about the overall message of the case.

According to him, the integration of funds that were dormant for decades proves that even though the perpetrators might be hiding in the dark, their financial trail is not.

Carter added that IRS CI remains committed to following the money and exposing those who exploit technology to evade accountability.

The DEA Miami Field Division Special Agent in Charge, Miles Aley, also gave his take on the operation. He said that technology has provided drug dealers with new ways to distribute their products.

According to Aley, the job of law enforcement is to close those ways and apprehend cybercriminals.

On May 7, 2026, U.S. and German law enforcement conducted simultaneous raids on the home of Andresen and two other sites.

The raid resulted in the seizure of about $1.7 million worth of gold bullion, which was purportedly acquired using funds from Dream Market.

Additionally, the investigators uncovered over $23,000 in cash as well as bank accounts and crypto wallets with about $1.2 million worth of assets.

A federal grand jury returned the indictment on January 13, 2026. Andresen now faces six counts of international concealment money laundering and six additional counts of concealment money laundering. 

Each federal charge carries a prison sentence of up to 20 years. Germany has filed parallel charges, each carrying up to five years. 

The IRS Criminal Investigation Cyber Crimes Unit and DEA Miami Counternarcotic Cyber Investigations Task Force are leading the federal investigation.

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