Eric Trump will no longer be joining the board of fintech firm Alt5 Sigma, despite earlier announcements linking him to a multibillion-dollar crypto fundraising deal with World Liberty Financial.
Alt5 Sigma, a fintech company, disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that it has withdrawn Trump’s nomination as a director.
According to Forbes, the decision followed consultations with Nasdaq to ensure compliance with its listing rules. However, the company did not specify which requirement prompted the reversal.
High-Profile Debut Turns Uncertain
Just weeks ago, Eric Trump and Donald Trump Jr. appeared alongside World Liberty Financial executives at the Nasdaq MarketSite in New York, celebrating Alt5 Sigma’s $1.5 billion private fundraising plan.
The initiative aimed to raise funds through share sales, which would then be used to purchase WLFI tokens, the digital asset issued by World Liberty Financial.
A Trump-affiliated business, which controls about 38% of WLFI, is also entitled to receive up to 75% of the proceeds generated from token sales, giving the family a substantial stake in the venture.
In the revised SEC filing, Alt5 Sigma named Zachary Witkoff as its incoming chairman and director nominee. Meanwhile, Eric Trump and Zachary Folkman were downgraded to board observers without voting rights.
Trump Family Wealth Rising Through Crypto Projects
Since Donald Trump returned to office in January, his family’s fortune has surged, powered largely by cryptocurrency ventures.
World Liberty Financial is the most prominent of these projects, serving as the cornerstone of their digital investments. Another high-profile initiative is Official Trump, a personal memecoin promoted directly as Donald Trump’s own token. The family also supports American Bitcoin, a mining company that recently secured a Nasdaq listing.
In addition, Trump Media & Technology Group, which owns Truth Social, has strengthened the family’s presence in the digital economy.
Over the past week, American Bitcoin shares began trading publicly, adding momentum to the family’s financial profile.
At the same time, World Liberty Financial unlocked 24.6 billion WLFI tokens. That release temporarily boosted the valuation of the Trump family’s stake to nearly $5 billion, highlighting the extent to which crypto has become central to their wealth.
World Liberty Financial Faces Investor Scrutiny
While the Trump family benefits from crypto, World Liberty Financial has attracted controversy among some investors.
Several token holders reported that their WLFI assets were suddenly locked. The company cited “high risk” wallet designations as the reason.
Tron founder Justin Sun, one of WLFI’s largest backers, also faced issues. Sun revealed that his wallet address was blacklisted after he moved 50 million WLFI tokens to the HTX exchange.
The incident raised concerns about transparency and user protections. In response, at least one investor proposed opening the matter to a governance vote, allowing token holders a direct say.
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