President Donald Trump and his spawn have reaped billions of dollars worth of crypto during his second term in office, a highly questionable portfolio considering his ability to regulate the very market that’s made him obscenely rich.
But the Trump crypto empire isn’t looking nearly as hot these days. A shady Las Vegas-based financial firm called Alt5 Sigma Corp, which has been stockpiling tokens from the Trump family’s World Liberty Financial venture, has quietly scrubbed Eric Trump’s name from its public leadership following major legal and financial turmoil, as the Daily Beast reports.
The news comes after major World Liberty Financial investor and crypto billionaire Justin Sun filed a lawsuit against the company earlier this month, accusing it of illegally freezing his tokens and profiting off fraud. (Eric Trump downplayed Sun’s legal threat as “ridiculous.”)
The lawsuit couldn’t have come at a worse time for Alt5. Since it announced it was stockpiling World Liberty tokens in August, its shares have lost around 90 percent of their value, trading at a measly 74 cents at press time.
The president’s son was originally envisioned to become a board director of Alt5, but was quickly downgraded to “board observer,” a far more hands-off role.
To call Alt5 a car wreck of a company would be a vast understatement. The company of just 16 employees burned through a staggering $341 million in its latest fiscal year, warning investors it had “substantial doubts” about its ability to keep going for another year, per the Beast.
Before its questionable crypto deal, it was an appliance recycling business, which then pivoted to biotech, and eventually fintech.
Several former executives have been found “criminally liable for offenses including illicit enrichment and money laundering” in Rwanda last year, according to 2025 Securities and Exchange Commission filings. Alt5 has also cycled through three CEOs in just six weeks late last year.
The decision to scrub Eric Trump from its leadership highlights only the latest highly questionable crypto venture tied to the Trump clan. Donald Trump’s crypto token, $TRUMP, which launched ahead of his second inauguration in January last year, has turned out to be a spectacular failure. Its value has lost a staggering percentage of its value over the last year, circling the drain at just over $2.30.
Trump’s disastrous Truth Social company, Trump Media & Technology Group, which similarly stockpiled a Bitcoin reserve, has seen its shares plummet to record lows earlier this year amid hundreds of millions in losses.
Last month, even CEO Devin Nunes, a longtime Trump loyalist and advisor, saw the writing on the wall, and ended up walking away.
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