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Founder of Chicago Crypto Company Indicted in $10M Money Laundering Scheme
Firas Isa and Virtual Assets LLC face up to 20 years for laundering $10 million from wire fraud and drug crimes through Chicago crypto ATMs, prosecutors say.
- Recently, a federal indictment unsealed in Chicago alleges Firas Isa, 36, and his company Virtual Assets LLC laundered at least $10 million in wire fraud and drug proceeds.
- Converting cash into cryptocurrency at ATMs, the indictment says, Virtual Assets operated services where deposits, including from wire-fraud victims and persons involved in drug offenses, were moved to crypto wallets to conceal sources.
- Experts say Chicago has become a regional hub for crypto ATMs at currency exchanges, convenience stores and gas stations, while Illinois lawmakers and state regulators require operators to register and cap fees at 18%, limiting daily transactions to $2,500 for new users.
- Isa and Virtual Assets LLC have pleaded not guilty and are due to appear in federal court in Chicago, and the money-laundering charge carries up to 20 years in prison.
- Amid national crypto developments, the indictment arrives as President Donald Trump has emerged as a prominent supporter and last month pardoned Changpeng Zhao, mirroring the 2023 Ohio court case against Sonny Meraban and Bitcoin of America.
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Chicago crypto firm, founder indicted in $10 million money laundering case
Federal prosecutors allege that Firas Isa and his company, Virtual Assets LLC, laundered at least $10 million in proceeds from wire fraud and drug crimes through the company's crypto ATMs.
·Chicago, United States
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US indicts crypto ATM operator in $10M money laundering scheme
United States authorities have indicted Chicago-based crypto ATM operator Virtual Assets LLC and its founder, Firas Isa, with money laundering charges involving fraud and narcotics proceeds. Isa and his firm operated Crypto Dispensers, a company whose core business involved offering…
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