ALT5 Sigma, a publicly traded company connected to a Trump-family-backed crypto venture, has removed key members of its leadership, according to a recent filing with the Securities and Exchange Commission (SEC). The dismissals follow a sharp decline in ALT5’s share price and the disclosure of an overseas legal matter.

Since this summer, ALT5 Sigma has partnered with World Liberty Financial (WLFI), a privately held crypto company in which Donald Trump and several family members own about 38% of its holding company, according to World Liberty’s website.

As part of the partnership, ALT5 sold $1.5 billion in shares and used the proceeds to purchase WLFI crypto tokens. Eric Trump and Don Trump Jr. participated in ringing the Nasdaq opening bell, alongside other representatives from the two companies. Eric Trump also serves as a strategic adviser and board observer to ALT5 Sigma.

Leadership Changes

ALT5 disclosed in its SEC filing that the following executives were dismissed:

• Jonathan Hugh – Acting Chief Executive Officer and Chief Financial Officer
• Ron Pitters – Chief Operating Officer

The filing noted that Hugh’s removal as acting CEO was “without cause”, without citing any misconduct or other specific concerns. Hugh and Pitters have not publicly commented.

Share Price and Crypto Market Impact

ALT5’s share price has declined 72% since the Nasdaq bell ceremony featuring the Trump sons. The company’s stock price is heavily influenced by fluctuations in the value of the WLFI crypto token it holds.

On Wednesday, ALT5 shares rose nearly 7% after reports that World Liberty had repurchased some of its outstanding crypto tokens. WLFI itself gained 1.3% in the past 24 hours, according to CoinGecko data.

Legal Background

The SEC filing also highlighted ongoing legal issues in Rwanda. An earlier filing from August 29 revealed that a Rwandan court found one of ALT5’s subsidiaries and a former executive criminally liable for offenses including illicit enrichment and money laundering. The subsidiary and former executive appealed the decision, maintaining that the subsidiary was “the victim of fraud.”

David Wachsman, a spokesman for World Liberty, said, “World Liberty Financial is excited about the future for ALT5.” The Trump family members involved have not publicly commented on the recent executive departures.