The US Department of Justice has charged Owe Martin Andresen, 49, with laundering over $2 million in cryptocurrency by converting it into gold bars. Andresen was arrested in Germany on charges connected to darknet-market activity and money laundering.
The case dates back to Dream Market, a major darknet marketplace that operated from 2013 to 2019, using Bitcoin as its primary payment method. Prosecutors allege Andresen converted crypto into physical gold to obscure the transaction trail.
This case signals a shift in DOJ enforcement-from targeting crypto mixers to pursuing those who facilitate the conversion of digital currency into physical assets. Over-the-counter gold dealers often operate with weak anti-money laundering controls, a gap the DOJ is now exploiting.
Bitcoin's ledger is transparent, but once crypto moves into physical assets, the chain of evidence breaks. The international nature of the arrest underscores growing cooperation between US and European law enforcement on crypto cases.