ALT5 Sigma, the WLFI digital asset treasury firm where Eric Trump was a board observer, fell 96% after its deal with WLFI was announced on Friday.
Specifically, the firm, which is operated by AI Financial Corporation, saw its stock price fall from $8.97 before the deal was announced to $0.35.
Trump’s role at this firm isn’t the only link between the two entities. World Liberty co-founder Zachary Folkman is a director at ALT5 Sigma, while Zach Witkoff, World Liberty’s chief executive officer, is its chairman.
Not only this, Witkoff’s father, Steve Witkoff, is Donald Trump’s special envoy to the Middle East.
Read more: ANALYSIS: Eric and Donald Trump Jr. are cashing in on crypto
ALT5 Sigma’s stash of WLFI tokens were unlocked in August, making them transferrable.
ALT5 Sigma was also mentioned in an indictment several months ago when it was serving as the virtual asset service provider for Mugan Markets, a foreign exchange brokerage.
The indictment doesn’t allege misconduct on the part of ALT5 Sigma, and it’s mentioned purely as a service provider.
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