Trump-Backed Crypto Firm Loses Another CEO After $1.5 Billion Token Deal

Alt5 Sigma (NASDAQ: ALTS) connected to the Trump family’s crypto project, has removed Acting CEO Jonathan Hugh and cut ties with COO Ron Pitters. The company didn’t provide a reason but said it wasn’t related to misconduct.

Notably, this is the second leadership change since Alt5 Sigma struck a major deal in August with World Liberty Financial (WLFI), a crypto venture co-founded by Trump family members.

The agreement allows Alt5 Sigma to buy up to $1.5 billion in WLFI digital tokens, putting the fintech company in the spotlight. The deal drew attention because it could deliver more than $500 million to the Trump family, which is entitled to 75% of all WLFI token-sale proceeds.