Alt5 Sigma Suspends CEO Peter Tassiopoulos, Appoints Jonathan Hugh as Interim Leader

Alt5 Sigma (ALTS), the developer of digital asset trading platforms that is building a token treasury issued by Trump-linked World Liberty Financial, said it has temporarily suspended CEO Peter Tassiopoulos and replaced him with CFO Jonathan Hugh.

The company’s board of directors, led by World Liberty Financial co-founder Zach Witkoff, removed Tassiopoulos from his position effective Oct. 16, according to a Wednesday report. SEC filing which did not justify this decision.

Tassiopoulos was appointed CEO more than a year ago. At the time, the Nasdaq-listed company highlighted his experience in the sector. The hiring was positioned as a move to drive the company’s expansion into digital asset management as it restructures its healthcare division.

Based in Las Vegas, ALT5 Sigma develops digital asset trading platforms and infrastructure and provides tools to help institutions and fintech companies access cryptocurrency markets.

The company is billed as a WLFI treasury company following an agreement with World Liberty Financial. In addition to Witkoff, co-founder Eric Trump has joined Alt5 Sigma’s board of directors.

Earlier this month, the company revealed that it owns approximately 7.28 billion WLFIs, representing approximately 7.3% of its total supply. At WLFI’s current prices, that coffers are worth around $1.5 billion.

ALT5 Sigma did not respond to a request for comment by the time of publication. CoinDesk was unable to contact Tassiopoulos.

Read more: Trump Family’s DeFi Play Pulls ALT5 Sigma into $1.5 Billion WLFI Treasury Plan