Trump $1.5 billion crypto gamble backfires amid spiraling Alt5

The Trump family’s $1.5 billion crypto deal with Canada’s Alt5 Sigma is going south.

Alt5 CEO Peter Tassiopoulos was suspended after the merger and the company has warned employees it may face lawsuits and regulatory probes, The Information reports.

The merger, announced in August and signed by Eric Trump and Donald Trump Jr. on behalf of their company, World Liberty Financial, was meant to boost both firms through a new Trump-linked WLFI cryptocurrency.

Eric Trump earlier touted the digital coin at the TOKEN 2049 conference in Dubai before it was first generated.

Now, Alt5’s stock has fallen 75% on the Nasdaq and the WLF token has plunged by nearly half its value.