Founder of Chicago-based cryptocurrency company accused of $10M money laundering conspiracy
CHICAGO — The founder of a Chicago-based cryptocurrency company, and the company itself, have been charged in connection with an alleged $10 million money laundering conspiracy.
Firas Isa, a 36-year-old Frankfort resident, and his company, Virtual Assets LLC, have each been charged with one count of money laundering conspiracy, Andrew Boutros, United States Attorney for the Northern District of Illinois, announced Tuesday.
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According to prosecutors, Isa founded Virtual Assets LLC, which did business as “Crypto Dispensers,” and operated a cash-to-cryptocurrency exchange business, which included cryptocurrency ATMs around the country.
The cryptocurrency ATMs allowed individuals to convert cash, checks, or other monetary instruments into cryptocurrency.
Prosecutors allege that criminals and, in some instances, fraud victims, used the ATMs to send at least $10 million in proceeds from wire fraud and drug offenses to Crypto Dispensers, Isa or a co-conspirator. Once the money was sent, Isa allegedly converted it into cryptocurrency and transferred it to virtual wallets to disguise the true source and ownership.
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The indictment further alleges that Isa knew the money was derived from fraud.
Both Isa and his company have pleaded not guilty to the charges. If convicted, Isa could face up to 20 years in federal prison.
Isa is set to appear in federal court for a status hearing on Jan. 30, 2026.
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