CHICAGO, IL – Federal prosecutors have charged the founder of a Chicago cryptocurrency company with allegedly laundering more than $10 million through a multiyear cash-to-crypto operation that investigators say helped fraudsters disguise illicit proceeds.
According to the U.S. Attorney’s Office for the Northern District of Illinois, FIRAS ISA, 36, of Frankfort, and his company—Virtual Assets LLC, doing business as Crypto Dispensers—were indicted on one count of money laundering conspiracy. Court filings state that the indictment was originally returned under seal on September 29, 2025.
Prosecutors allege that, beginning as early as August 2018 and continuing through May 2025, Isa and a co-conspirator operated a nationwide network of cryptocurrency ATMs and wire-transfer services that converted U.S. currency into digital assets. The indictment states that victims and co-conspirators deposited funds derived from wire fraud and narcotics distribution into company-controlled accounts, where they were converted into cryptocurrency and moved to external wallets to obscure ownership and the origin of the proceeds.
According to prosecutors, the company’s Chicago office on North Michigan Avenue served as a hub for transactions that allegedly masked the nature, location, and control of the funds. The indictment claims Isa knew the money involved was tied to unlawful activity and that the total exceeded $10 million.
Isa has pleaded not guilty, and the case is set for a federal court hearing in Chicago on January 30, 2026. If convicted, he faces up to 20 years in federal prison.
This article was produced by a journalist and may include AI-assisted input. All content is reviewed for accuracy and fairness.
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