The crypto treasury firm, which holds Trump-linked World Liberty Financial (WLFI) tokens on its balance sheet, has replaced two senior executives.
News
ALT5 Sigma, a crypto treasury company with ties to US President Donald Trump, replaced CEO Jonathan Hugh and cut ties with chief operating officer Ron Pitters in November as part of a broader leadership overhaul.
Tony Isaac, the president of ALT5 Sigma and a member of the company’s board of directors, has been appointed as acting CEO, while the company works with Hugh to “finalize the terms of his departure,” according to a Securities and Exchange Commission (SEC) submitted on Wednesday.
ALT5 Sigma’s crypto treasury strategy includes purchasing tokens from World Liberty Financial (WLFI), a decentralized finance platform tied to the Trump family.
The company said that the departures were “without cause.” Cointelegraph reached out to ALT5 Sigma, but did not receive a response by the time of publication
The company $1.5 billion in August to create a crypto treasury dedicated to , with Eric Trump, the son of US President Donald Trump, serving as a director on its board.
World Liberty Financial and other Trump-linked crypto ventures have come under in the United States, who argue that the president and his family’s involvement with the industry represents a conflict of interest.
Related:
In August, rumors surfaced that venture capitalist and ALT5 shareholder Jon Isaac was for earnings inflation and insider sales, which the company denied.
“For the record: Jon Isaac is not, and never was, the president of ALT5 Sigma, and he is not an advisor to the company. The company has no knowledge of any current investigation regarding its activities by the US SEC,” ALT5 Sigma in response.
Eric Trump with the company in September to comply with Nasdaq listing rules and was designated as a board observer, according to an SEC .
In November, Democratic lawmakers in the US urged Pam Bondi, the US attorney general, to investigate allegations that in North Korea and Russia.
The lawmakers said the Trump family’s crypto ventures and the from their projects represent a national security threat and a way to peddle influence through selling access to the president.
Magazine:
