Eric Trump is no longer a board member of ALT5 Sigma due to a deal with World Liberty Financial, as per SEC filing on Aug. 25. Trump and Zach Folkman are now board observers. The move was to comply with Nasdaq listing rules and is pending stockholder approval.

ALT5 Sigma raised $1.5 billion for World Liberty Financial’s corporate treasury, with Trump set to join the board. The company, originally JanOne, now focuses on digital assets. SEC filings show ALT5 Sigma received $750 million worth of WLFI tokens, one million shares, and warrants for 99 million more shares.

The Trump family’s wealth has grown through crypto ventures like World Liberty Financial and TRUMP coin. American Bitcoin shares began trading on Nasdaq, and World Liberty unlocked 24.6 billion WLFI tokens, valuing the Trump family’s stake at $5 billion. World Liberty faces scrutiny for locking up users’ tokens and blacklisting wallets.

Tron founder Justin Sun reported that World Liberty blacklisted his wallet after a token transfer. Users have proposed a governance vote on the matter. Trump’s family wealth has soared due to crypto ventures, including World Liberty Financial and American Bitcoin. World Liberty faces backlash for locking up tokens and blacklisting wallets.

Read more at Cointelegraph: Eric Trump Scaling Back Role at Crypto Firm ALT5 Sigma