Crypto Drama: Trump-Backed ALT5 Sigma’s Audit Woes Make Headlines! 😂💸

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Key Highlights

  • ALT5 Sigma, that Nasdaq-listed crypto gem linked to the illustrious Trump dynasty, is now in the hot seat regarding its finances and the credentials of its freshly appointed auditor.
  • The company, in a shocking twist that would leave even Tolstoy raising an eyebrow, missed the deadline for filing its September quarterly results, thus flirting dangerously with the prospect of being cast out from Nasdaq.
  • In an act of sheer audacity, it switched auditors to Victor Mokuolu CPA PLLC, a small accounting firm from Texas with a firm license that expired faster than a New Year’s resolution.

ALT5 Sigma, a beacon of hope in the crypto world (or so we thought), has found itself under the relentless gaze of scrutiny once more, this time due to alarming revelations about its financial reporting and the dubious qualifications of its newly recruited auditor. The missed quarterly filing is like a melodramatic plot twist you never saw coming-now the company teeters on the brink of delisting, as if balancing on a tightrope stretched over a pit of alligators.

To remedy this disarray, ALT5 Sigma decided to part ways with its former auditor and embrace the charming Victor Mokuolu CPA PLLC. However, it appears that fate had a different plan, as records unearthed by the Financial Times reveal that the firm’s license had expired back in August, and renewal remains a distant dream as of December 26.

While Mr. Mokuolu himself took the initiative to renew his personal CPA license, the firm he leads remains barred from any audit activities until it can navigate through the labyrinthine process of reinstatement. ALT5 Sigma has declared to the Financial Times that no audit or review of its financial statements will materialize until a mandatory peer review is completed, which, if all goes according to plan (and we know how plans go), will take until the end of January 2026. Talk about delayed gratification!

Auditor’s Murky Regulatory History

This newly minted auditor comes with a charming little history of regulatory entanglements-like a character out of a Dostoevsky novel. It failed a peer review in 2023 and has spent two years attempting to rectify deficiencies. One might wonder if they were more focused on their creative writing skills than their accounting practices.

Moreover, the firm faced a series of penalties from our dear government, racking up fines of $30,000 from the Public Company Accounting Oversight Board in 2023 and $15,000 from the Texas State Board of Accountancy in 2024, all for neglecting essential filings. One could almost feel sorry for them if this weren’t all so utterly ridiculous.

Market Pressure and Governance Challenges

But wait, there’s more! ALT5 Sigma’s trials do not end with its auditor. According to Yahoo Finance, the company’s shares, ALTS, have plummeted over 75% this year-a true testament to investor confidence, or lack thereof. Governance issues are also swirling about like a tempest after a board member said goodbye, leaving the company with an incomplete audit committee-a bit like trying to bake a cake without half the ingredients.

Since August, when it announced a partnership with World Liberty Financial (another Trump family-backed venture, because why not?), ALT5 Sigma has been in the limelight. In this deal, ALT5 Sigma pledged to hoard large quantities of the venture’s $WLFI token as part of its dubious treasury strategy. Not to be left out of the picture, Eric Trump was initially slated to join the board but now only observes from a distance, like a cat watching a mouse hole.

Company Background and Legal Disclosures

ALT5 Sigma’s identity crisis has been ongoing, marked by multiple transformations over the years. It was birthed in July 2024 when biotech firm JanOne Inc. merged with it, adopting its name like a child taking on the surname of an eccentric parent. Prior to this, JanOne had rebranded itself in 2019 from Appliance Recycling Centers of America-talk about a career change!

Today, ALT5 Sigma touts itself as a fintech marvel focused on digital asset infrastructure. As of December 8, it reported possessing around 7.3 billion $WLFI tokens, valued at approximately $1.1 billion. Following the World Liberty Financial alliance, the company found its new chairperson in Zack Witkoff, another co-founder of the Trump-supported venture.

Adding a sprinkle of intrigue, the company has disclosed legal troubles tied to its international escapades. In August, it revealed that its Canadian subsidiary and a former executive had been deemed criminally liable by a Rwandan court for charges including illicit enrichment and money laundering. Both parties have firmly denied these allegations and are appealing the ruling, currently under the watchful eye of Rwanda’s High Court.

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2025-12-29 14:56