The founder of a Chicago cryptocurrency company has been indicted in an alleged $10 million money laundering conspiracy.
Firas Isa founded Chicago-based VIRTUAL ASSETS LLC, which did business as Crypto Dispensers, and served as its chief executive officer.
The company operated a cash-to-cryptocurrency exchange business, including cryptocurrency ATMs at various locations throughout the United States, enabling individuals to convert cash, checks, or other monetary instruments into cryptocurrency.
An indictment unsealed in the Northern District of Illinois alleges that criminals and, in some instances, fraud victims, sent at least $10 million in proceeds from wire fraud and narcotics offences to Crypto Dispensers, Isa, or a co-conspirator.
After the proceeds were sent, Isa converted or caused to be converted the cryptocurrency and thereafter transferred the cryptocurrency to virtual wallets to disguise the true source and ownership of the proceeds.
The indictment alleges that Isa knew the money was derived from fraud.
On September 29, 2025, a federal grand jury in the Northern District of Illinois, Eastern Division, charged Crypto Dispensers and Isa with conspiring to launder over $10 million derived from narcotics trafficking and wire fraud.
The indictment alleges that starting no later than August 2018 and continuing through May 2025, Isa and associates operated Virtual Assets LLC as a virtual asset service provider, facilitating the conversion of illicit proceeds into cryptocurrency.
Customers deposited U.S. currency through cryptocurrency ATMs or wire transfers, converting the funds into digital assets and transferring them to various accounts worldwide, effectively concealing the origin and ownership of criminal proceeds.
According to court documents, Isa and co-conspirators controlled all aspects of Crypto Dispensers’ operation, including client communications, financial transactions, and coordinating efforts to evade law enforcement scrutiny. The conspiracy involved receiving and laundering funds tied to controlled substance distribution offences and extensive wire fraud schemes.
The indictment highlights the use of cryptocurrency ATMs strategically located across the United States to accept funds from co-conspirators and fraud victims, which were then funnelled through cryptocurrency wallets to evade detection. Additionally, the defendants attempted to open bank accounts to facilitate depositing illicit wire fraud proceeds.
Isa, 36, of Frankfort, Ill., and Virtual Assets LLC are each charged with one count of money laundering conspiracy. The charge is punishable by a maximum sentence of 20 years in federal prison.
Isa and his company have pleaded not guilty to the charges. A status hearing in federal court in Chicago is set for January 30, 2026, before U.S. District Judge Elaine E. Bucklo.
