Eric Trump disappears from troubled fintech’s public leadership

Eric Trump has disappeared from the public leadership of a small Las Vegas-based company closely tied to his family’s crypto firm, World Liberty Financial Inc.

He had been appointed as an adviser and board observer at Alt5 Sigma Corp. - a once-obscure financial technology firm that jolted to national prominence last year when it started stockpiling World Liberty’s crypto tokens. As recently as March, the president’s second eldest son was listed on the leadership page of its website. By last week, his name had been removed from the page.

Eric Trump did not respond to a request for comment. Alt5, which last week announced it would rebrand as AI Financial Corp., declined to comment. David Wachsman, a spokesman for World Liberty Financial, did not comment on Eric Trump’s status at Alt5, but called him “a highly visible and active co-founder at World Liberty Financial.”

The change comes against the backdrop of broader strife within President Trump’s family crypto ventures. This month the crypto billionaire Justin Sun sued World Liberty, accusing the company of extortion and illegally freezing his tokens. Eric Trump called the lawsuit “ridiculous” in a post on the social media platform X. Other Trump crypto ventures, including shares of a Bitcoin mining company and the $TRUMP virtual token, have plunged in value since they launched.

Eric Trump’s position at the fintech firm has changed before; he was originally slated to become a board director, alongside fellow World Liberty co-founders Zachary Witkoff, the son of presidential envoy Steve Witkoff, and Zak Folkman. Instead, he became a board observer, which usually confers the ability to join board meetings without voting. Witkoff and Folkman are still listed as members of the board on the company’s website.

The company’s recent pivot to AI and tokenization isn’t the first time it shifted its strategy or its name. Before its turn to crypto, the firm worked in appliance recycling and opioid alternatives. The World Liberty deal did little to turn around its financial prospects. Shares of Alt5 shed about 90% of their value since the company announced it would stockpile World Liberty’s virtual tokens in August.

Alt5 lost more than $341 million in its most recent fiscal year, and warned investors in its most recent annual filing that management had substantial doubts about the company’s ability to stay afloat another year.

Other issues roiled Alt5’s business in the past year. It changed chief executive officers, cycled through three auditors, and announced that its Canadian subsidiary and a former executive had been found criminally liable in a case involving money laundering in Rwanda. The subsidiary and the former executive, Andre Beauchesne, appealed the decision, saying they were victims of fraud, according to securities filings. As of December, the company had 16 employees.