Chicago cryptocurrency company founder indicted in $10 million money laundering scheme

The founder of a Chicago cryptocurrency firm has been indicted on federal charges, accused of laundering $10 million in illicit proceeds from wire fraud and drug crimes.

Firas Isa, 36, founder and CEO of Virtual Assets LLC, which did business as Crypto Dispensers, was indicted in September on one count of money laundering conspiracy. The indictment was unsealed on Oct. 31, and federal prosecutors publicly announced the charges on Tuesday.

The indictment accuses Isa and his company of collecting large amounts of cash from wire fraud and drug offenses from unnamed co-conspirators, who would deposit the funds into Virtual Assets cryptocurrency ATMs, convert the cash into cryptocurrency, and then transfer the funds into a cryptocurrency wallet to conceal the source of the money.

In all, Isa and his company are accused of laundering at least $10 million between August 2018 and May 2025.

According to court records, Isa turned himself in to authorities last month, and pleaded not guilty at a hearing before U.S. District Judge Elaine Bucklo. He was released on $250,000 bond, and is due back in court on Jan. 30, 2026.

Isa faces up to 20 years in prison if convicted.