Alt5 Sigma — the company tied to the Trump family’s World Liberty Financial (WLFI) crypto project — has abruptly removed its CEO and COO as legal pressures intensify.
Alt5 Sigma Corp, which agreed in August to acquire the WLFI project for $1.5 billion, disclosed in a corporate filing that it has terminated the contracts of interim CEO Jonathan Huw and COO Ron Peters.
The filing notes that Huw’s dismissal was “not related to any specific misconduct”, while the company declined to reveal the reasons behind either executive’s departure.
Both Alt5 Sigma and the dismissed executives did not respond to Bloomberg’s requests for comment.
Despite the shake-up, World Liberty Financial publicly reaffirmed its commitment to the partnership.
WLFI spokesperson David Wachsman said the company remains “excited about Alt5’s future,” suggesting the restructuring is an internal matter.
Corporate role of Trump allies draws scrutiny
The acquisition made headlines not only due to its scale — WLFI tokens could reportedly generate over $500 million for entities connected to the Trump family — but also because several family associates are directly involved in governance.
After the deal:
- Zachary Witkoff, a Trump family ally, assumed leadership of Alt5 Sigma’s board.
- Eric Trump and Zachary Folkman joined as board observers.
- They, along with Donald Trump Jr., participated in the Nasdaq opening ceremony tied to the merger.
Alt5 Sigma has also been accumulating WLFI tokens as part of its role as the project’s crypto treasury manager.
Legal troubles continue to grow
The company has faced significant legal challenges throughout the year.
In May, an Alt5 Sigma subsidiary was found criminally liable for money laundering in Rwanda, while senior executive Andre Beauchen was convicted and even sentenced to prison.
Alt5 Sigma and Beauchen have appealed the ruling, claiming they were “victims of fraud.” The company insists its board only learned about the case in late August — after signing the WLFI acquisition agreement.
In October, the firm suspended then-CEO Peter Tassiopoulos, who had led the company for about a year. Once again, no reason for the suspension was disclosed.
New interim CEO appointed
According to the latest filing, Alt5 Sigma president Tony Isaac will replace Huw as interim CEO.
Isaac has a long history with the organization, dating back to its earlier ventures in electronics recycling and opioid crisis solutions, long before its pivot into crypto last year.
In August, reports also surfaced that the U.S. Securities and Exchange Commission had launched an investigation involving John Isaac, who was allegedly serving as Alt5 Sigma’s president at the time.
