The low-profile fund, which pledged $100 million to Donald Trump’s crypto initiative World Liberty Financial (WLFI), is now facing scrutiny over potential links to Web3Port, a banned and disgraced market maker previously accused of dumping tokens and crashing projects.
Just hours after speculation began swirling around David Li and alleged ties between Aqua1 and Web3Port, the Aqua1 team has issued a formal response.
In a statement shared with the media, the team emphasized that Aqua1 “operates independently and has no equity, financial, or operational ties” to any unrelated entities, directly addressing the Web3Port connection claims.
As for David Li’s involvement, the team clarified:
“Dave Lee joined Aqua1 as co-founder and CEO in April 2025. His decision strongly aligns with Aqua1’s long-term vision and strategic direction.”
The company firmly denied any wrongdoing and expressed its commitment to transparency, saying it would maintain open communication with both the media and its community.
“We welcome responsible journalism and open communication. However, in cases of factually incorrect reporting or defamatory statements, we reserve the right to pursue legal action.”
Same Server, Same Network, Same Questions
On the surface, Aqua1 appears to be a UAE-based foundation. But no official records confirm its existence—just a shell website, sparse transaction history, and an unusual network of online breadcrumbs.
Blockchain data shows Aqua1’s main wallet received $100 million USDT from OKX before transferring $80 million directly to WLFI. No other major transactions are associated with the wallet. And that’s only the beginning of the mystery.
A deeper investigation by crypto sleuths revealed that Aqua1’s website shares the same AWS server as several others, including web3port.foundation and web3port.us. That’s where the trail picks up.
Web3Port has been accused of manipulating token markets. It once received a batch of tokens from a WLFI-backed project and quickly dumped them, causing the token price to crater.
Now, Aqua1’s proximity to these exact server domains is raising eyebrows.
His X profile is sparse, his photo cartoonish, and his listed locations span four global cities: São Paulo, New York, Hong Kong, and Abu Dhabi.
Aqua1 and Web3Port founder. Source: Jacob Silverman
Investigative journalist Jacob Silverman suggests “David Lee” may be David Jia Hua Li, a known figure in Web3Port who has appeared at crypto events representing the company.
One archived LinkedIn post connected the dots by tagging Li as a Web3Port Labs partner, further tying him to the Aqua1 domain.
Archived contact pages and LinkedIn breadcrumbs have only strengthened the theory that David Lee and David Li are the same person, and that Aqua1 may be nothing more than a renamed branch of Web3Port’s murky operation.
In recent months, Warren has repeatedly warned that Trump’s crypto ventures could expose the United States to undue foreign influence.
She has specifically targeted WLFI, arguing that its links to offshore entities—like Aqua1, which claims to be based in the UAE—raise a national security red flag.
Warren posted on X about WLFI’s USD1 stablecoin, accusing the project of benefiting from backroom deals with the UAE.
“The Trump family stablecoin surged to the 7th largest in the world because of a shady crypto deal with the United Arab Emirates—a foreign government that will give them a crazy amount of money,” she wrote.
While she didn’t name Aqua1 directly, the firm’s mysterious $100 million donation to WLFI—and its alleged ties to banned market maker Web3Port—mirror the kind of opacity and foreign entanglement Warren has cautioned against.
While WLFI has tried to position itself as a clean, governance-first crypto project backed by Trump’s brand, its financial ties are now under the microscope.
Aqua1’s $100 million contribution represents a considerable share of WLFI’s backing, and if the allegations around Web3Port are factual, the project may face reputational and legal headaches.
No official action has been taken, and Aqua1 has not publicly responded to the allegations. However, with blockchain evidence mounting and investigators continuing to dig, this story is far from over.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
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