Alberich, the king of the dwarves in Norse mythology, lives in an underground rocky cave in a castle decorated with precious stones and metals. He is the keeper of the Nibelungen treasure.

Legend has it that Alberich gave his son Ortnit a magic armor and the Rosen sword, and helped him besiege Muntabure castle. The giants Fafner and Fasolt demand the Nibelungen ring and offer to build Valhalla in return. They even take Frejya hostage. Meanwhile, Odin, Frigg, Loki, Freyr and Thor search in vain for the treasure.

Alberich is finally defeated by Siegfried.