ALT5 Sigma, a crypto treasury company holding Trump-linked World Liberty Financial (WLFI) tokens, has replaced its CEO Jonathan Hugh and parted ways with COO Ron Pitters as part of a leadership overhaul in November. Tony Isaac, president and board member, has been named acting CEO while the company works with Hugh to finalize the terms of his departure, according to a Securities and Exchange Commission (SEC) filing on Wednesday.
The firm’s treasury strategy focuses on acquiring WLFI tokens, a decentralized finance platform connected to the Trump family. ALT5 Sigma raised $1.5 billion in August to fund its crypto treasury, with Eric Trump serving as a board director. The executive changes come as the company faces increased attention from lawmakers and regulators in the United States.
Trump-linked crypto projects face congressional scrutiny
Democratic lawmakers have raised concerns over the Trump family’s involvement with WLFI and related crypto ventures, citing potential conflicts of interest. In August, rumors circulated that shareholder Jon Isaac was under SEC investigation for earnings inflation and insider sales, which the company denied. Eric Trump scaled back his involvement in September to comply with Nasdaq listing rules, becoming a board observer.
In November, lawmakers urged U.S. Attorney General Pam Bondi to investigate allegations that WLFI sold tokens to sanctioned entities in North Korea and Russia. The officials argued that the Trump family’s crypto projects, which have reportedly generated $1 billion in profits, pose a national security risk and could be used to wield influence through token sales.