Aqua1 Foundation, a UAE-based investor in the World Liberty Financial (WLFI) DeFi project, has publicly denied affiliation with Chinese market-making firm Web3Port.
The clarification comes in response to growing speculation surrounding the fund’s recent $100 million investment in World Liberty Financial, a blockchain project with ties to US President Donald Trump.
Relationship with Web3Port?
On July 15, Aqua1 emphasized that it operates independently and has no financial, equity, or operational relationship with Web3Port.
Web3Port is a Chinese crypto firm embroiled in a scandal involving the significant selloff of Movement Labs’ MOVE tokens. This issue resulted in the firm’s ban from multiple exchanges, including Binance.
Dave Lee, co-founder of Aqua1, also addressed the matter, saying that he left his previous role earlier this year due to differing visions and helped launch Aqua1 as part of a broader DeFi infrastructure initiative in the UAE.
Lee further stated that Aqua1 is collaborating with institutional partners across the Middle East. While affirming the team’s commitment to transparency, he noted that certain disclosures remain restricted due to ongoing regulatory processes.
Questions arise over Aqua1’s purchase of $100 million WLFI
The denial follows an investigative report by journalist David Silverman, who raised fresh concerns about the origin of Aqua1’s $100 million WLFI purchase last month.
Silverman suggested that Aqua1 may have undisclosed ties to Web3Port, citing technical details such as shared Amazon Web Services (AWS) infrastructure between Aqua1’s website and domains affiliated with Web3Port and Blockrock. He also noted that Dave Lee had previously worked for both firms.
Adding to the speculation, the report suggested that “Dave Lee” may be an alias for David Jia Hua Li, a Chinese-Brazilian national with a background in a state-owned energy company. Silverman questioned how someone with that profile could access such substantial capital and whether geopolitical motivations might be at play.
These allegations have drawn attention from figures such as former US Congressman Tom Malinowski, who questioned whether foreign interests might be influencing the US political scene through large-scale crypto investments.
The former lawmaker sarcastically said:
“I’m sure it’s just a normal commercial deal made with money he had lying around and no help from foreign interests trying to influence our president.”
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