The cryptocurrency treasury company ALT5 Sigma, associated with U.S. President Donald Trump, replaced CEO Jonathan Hugh in November and parted ways with COO Ron Pitters as part of a broader leadership reshuffle.
According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on Wednesday, ALT5 Sigma President and board member Tony Isaac has been appointed as the interim CEO while the company is working with Hugh to "finalize his departure terms."
ALT5 Sigma's cryptocurrency treasury strategy includes purchasing tokens from World Liberty Financial (WLFI), a decentralized finance platform linked to the Trump family.
The company stated that these departures were "without cause." Cointelegraph reached out to ALT5 Sigma but had not received a response by the time of publication.
The company raised $1.5 billion in August to create a cryptocurrency treasury specifically for purchasing WLFI tokens, with U.S. President Donald Trump's son Eric Trump serving as a board member.
World Liberty Financial and other Trump-associated cryptocurrency projects are under scrutiny from Democratic lawmakers, who believe the president and his family's involvement in the industry represents a conflict of interest.
In August, there were rumors that venture capitalist and ALT5 shareholder Jon Isaac was under SEC investigation for inflated earnings and insider sales, which the company denied.
ALT5 Sigma responded, stating: "We hereby declare: Jon Isaac is not, and has never been, the president of ALT5 Sigma, nor is he an advisor to the company. The company is not aware of any current investigation by the U.S. SEC into its activities."
According to SEC documents, Eric Trump reduced his involvement with the company in September to comply with Nasdaq listing rules and was designated as a board observer.
In November, Democratic lawmakers urged U.S. Attorney General Pam Bondi to investigate allegations that WLFI sold tokens to sanctioned entities in North Korea and Russia.
Lawmakers stated that the cryptocurrency projects associated with the Trump family and the $1 billion profits they generated represent a national security threat and are a way to peddle influence by selling access to the president.
Related: Tom Lee no longer insists on a $250,000 Bitcoin (BTC) prediction; year-end all-time high is now just "possible."
Original: “Trump-Linked ALT5 Sigma Restructures Leadership Amid WLFI Scrutiny”
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