The founder of a Chicago-based cryptocurrency company has been indicted for allegedly participating in a $10 million money laundering conspiracy tied to wire fraud and narcotics proceeds, federal prosecutors announced.
Firas Isa, 36, of Frankfort, Ill., is the founder and CEO of Virtual Assets LLC, which operated under the name Crypto Dispensers.
The company ran a cash-to-cryptocurrency exchange service, including a network of crypto ATMs across the United States that enabled customers to convert cash, checks, and other monetary instruments into digital currency.
Allegations of Illicit Fund Handling
According to an indictment unsealed in the Northern District of Illinois, criminals, and in some cases, fraud victims, sent at least $10 million in illicit proceeds to Crypto Dispensers, Isa, or an unnamed co-conspirator.
Prosecutors allege that Isa knowingly accepted the funds, which were derived from wire fraud schemes and narcotics trafficking.
Once the money was received, Isa allegedly converted the funds into cryptocurrency or caused it to be converted.
Authorities claim he then transferred the digital assets to virtual wallets as a way to conceal the true source, ownership, and control of the proceeds.
Charges and Legal Proceedings
Isa and Virtual Assets LLC are each charged with one count of money laundering conspiracy, a federal offense that carries a maximum sentence of up to 20 years in prison.
Both Isa and the company have pleaded not guilty.
A status hearing in the case is scheduled for January 30, 2026, before U.S. District Judge Elaine E. Bucklo.
Announcement by Federal Authorities
The indictment was announced by Andrew S. Boutros, U.S. Attorney for the Northern District of Illinois; Matthew J. Scarpino, Special Agent-in-Charge of Homeland Security Investigations Chicago; Douglas S. DePodesta, Special Agent-in-Charge of the FBI Chicago Field Office; Adam Jobes, Special Agent-in-Charge of IRS Criminal Investigation Chicago, including the Chicago Cyber Crime Unit; and Ruth Mendonça, Inspector-in-Charge of the U.S. Postal Inspection Service.
Prosecutors emphasized that an indictment is merely an accusation. Isa is presumed innocent unless and until proven guilty in a court of law.