A US-listed crypto venture backed by the Trump family has an auditor whose licence to practise lapsed earlier this year, as it wrestles with a crisis after failing to produce quarterly results. Alt5 Sigma, a Las Vegas-based recycling business-turned-biotech-turned blockchain company, in August signed a deal to buy crypto tokens issued by the Trump family’s World Liberty Financial, with Eric Trump joining as a board observer. But the company’s financial position has become murky since the deal was announced after it failed to produce quarterly results on time and switched auditors this month to a firm that has been fined by accounting regulators and failed an inspection under the industry’s peer review process. The licence of the newly appointed firm, Victor Mokuolu CPA PLLC, expired in August, according to filings in its home state of Texas. It is therefore currently barred from doing audit work until the licence is renewed, under state regulations.
Victor Mokuolu, the firm’s founder, renewed his personal certified public accountant’s licence on August 31 but his firm’s licence had not been renewed as of December 26, the board’s records show. Alt5 Sigma said in a statement to the Financial Times that its auditor was “undergoing a peer review per Texas State Board of Accountancy regulations and will be completed by the end of January 2026, at which point the auditor expects the firm’s licence to be active”. “No reviews or audits of Alt5’s financial statements will be issued by our auditor until the firm’s licence is active,” it added. Messages seeking comment from Mokuolu were not returned.
Mokuolu was an accountant in the oil and gas industry before setting up his own firm in 2020, according to his LinkedIn profile. His firm listed 30 small-cap audit clients in a recent regulatory filing. Alt5 Sigma’s appointment of Victor Mokuolu CPA PLLC on December 8 came amid a period of turmoil for the company, which now calls itself “a fintech with a pioneering WLFI digital asset treasury strategy”. The August Trump deal committed the company to buying and holding large quantities of World Liberty Financial’s WLFI token, and the Trump venture became an investor in Alt5 Sigma.
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