Aqua1 Breaks Silence: Shadowy $100M Trump Backer Refutes Speculation, Affirms Leadership

• Aqua1 Foundation became the biggest publicly known investor in Trump’s WLFI crypto venture in June, yet it has no public information or an established track record in crypto.
• The foundation has responded to claims publicly after its supposed founder, Dave Lee, was thought to be identified by journalist Jacob Silverman.
• Research from CCN found no mention of Aqua1 being licensed or registered with UAE financial regulators, but Aqua1 claims these details remain confidential.

In the wake of intensifying scrutiny surrounding its $100 million investment in WLFI and the identity of its founder, Aqua1 has issued a public statement addressing what it describes as “recent online speculation” that has contributed to “public misunderstanding.”

The statement comes just one day after journalist and author Jacob Silverman reported the supposed identity of “Dave Lee,” the elusive figure behind Aqua1.

Aqua1 is the largest publicly known investor in WLFI, also raising questions about the origins of the mysterious foundation.

Aqua1 Responds

In a post on X, Aqua1 claimed that Dave Lee joined the foundation as co-founder and CEO in April 2025, citing “a strong alignment with Aqua1’s long-term vision and strategic direction.”

The organization emphasizes that it “operates independently and has no equity, financial, or operational ties to any unrelated entity.”

Responding to questions about its lack of disclosure and licensing status, Aqua1 stated it is actively collaborating with institutional partners in the Middle East on “initiatives that are already underway.”

However, the group noted that certain details remain confidential due to “ongoing regulatory and compliance procedures.”

“We remain committed to transparency,” the statement read, “but appreciate your understanding and patience as we move forward with care and integrity.”

Aqua1 also addressed its approach to media coverage, expressing openness to “responsible journalism and open communication.”

The foundation warned, however, that it “reserves the right to pursue legal action as necessary to protect the reputation and interests of Aqua1 and its team” in cases of factually incorrect or defamatory reporting.

Dave Lee Identified

Aqua1’s comments come after a blog post claims to have exposed the true elusive founder behind Aqua1 Foundation.

The online presence of “Dave Lee,” was sparse, his organizational ties vague, and public communication virtually nonexistent.

Silverman’s investigation, which drew upon archived social profiles, event footage, and digital breadcrumbs, suggests a direct link between Dave Lee and a network of crypto-related organizations operating across Asia and the UAE.

Shared Domains

Silverman found that the Aqua1 Foundation, whose site is hosted at www.aqua1.foundation, shares an AWS server with other crypto-linked domains:

• aqua0.foundation
• qqqai.fund
• blockrock.win
• web3port.foundation
• web3port.us

Silverman claims Web3Port Foundation and Web3Port Labs are a Hong Kong-based syndicate of crypto investors and traders, with substantial activity in Abu Dhabi, Singapore, and Hong Kong.

“By all available evidence, Aqua1 Foundation’s Dave Lee is the David Li of Web3Port,” Silverman wrote.

Sightings and Social Media

According to Silverman, David Li has appeared under his real name at multiple crypto events across Asia in found footage and social media posts:

• Sept 18, 2024 – Singapore: The Last Gold Mine of Web3 (video appearance at 25 seconds)
• Dec 12, 2024 – Dubai: Invitation-only event (video appearance)
• Feb 21, 2025 – Hong Kong: Digital Silk Road Forum & KLK Foundation Launch (LinkedIn posts tag him as “David Li, Web3Port Labs”)

These events connected David Li to a now-deactivated LinkedIn profile under the name Peter Li. The profile listed employment at CNPC Beijing, a notable detail that could suggest ties to a Chinese state-owned enterprise.

Despite Silverman’s multiple outreach attempts, including DMs on X, emails, and a message on LinkedIn, none of the implicated parties reportedly responded.

Instead, the LinkedIn account was deactivated shortly after contact.

“How did a 30-year-old Chinese-Brazilian finance professional working for a Chinese state energy company secure $100 million to buy crypto tokens from the President of the United States’ main crypto firm?” Silverman wrote.

“And what do he and his colleagues expect in return?” Silverman added.

A Mysterious Organization

Aqua1’s origins, as well as those of its alleged founder, have left many scratching their heads.

CCN also looked through historic web pages, social media accounts, and business registries, but could not find any real information about the company’s founder, Dave Lee.

Other publications, such as Reuters have uncovered no meaningful information, business records, or contact details.

When contacted, Aqua1 declined to offer new information beyond “what has been publicly shared.”

In response to Reuters, the foundation said:

“Aqua1 is backed by a group of long-term, mission-aligned partners and led by Dave Lee and a global team with deep expertise in web3 and digital asset infrastructure.”

No further details were provided until its public statement on Tuesday, July 15.

Massive Trump Donation

In a June 26 press release , the Aqua1 Foundation announced it had purchased $100 million worth of the WLFI’s governance token.

Self-described as a “Web3-native fund” based in the United Arab Emirates, the foundation said it aims to help:

• Accelerate the creation of a blockchain-powered financial ecosystem centered on blockchain development.
• Real World Asset (RWA) tokenization.
• Stablecoin integration, aiming to set new benchmarks for global capital efficiency.

The move positioned Aqua1 as the largest publicly known investor in WLFI, massively surpassing leading crypto figures such as Justin Sun, who had previously invested $75 million.

“Together, WLFI and Aqua1 are building the definitive bridge between legacy systems and blockchain innovation — an institutional-grade marketplace delivering unparalleled access to traditional assets,” the press release reads.

However, beyond the substantial investment, Aqua1’s history and leadership remain shrouded in mystery.

Questions About Licensing

In its announcement, Aqua1 said it would list  the new fund on the Abu Dhabi Global Market financial centre.

In order for crypto platforms to register within the UAE, they need to gain licenses from a regulatory body, such as the UAE’s Securities and Commodities Authority or the Abu Dhabi Global Market.

However, when Reuters contacted the Abu Dhabi Global Market, they stated that Aqua1 was “not registered, licensed, or affiliated” with the center in any capacity.”

CCN searched through public registries of both the Abu Dhabi Global Market and the UAE’s Securities and Commodities Authority , which revealed no trace of Aqua1 or Dave Lee.

Aqua1 have now claimed they are working with institutional partners in the UAE but say the records are confidential.

Enigmatic Social Media Presence

An X account under Dave Lee’s name, created in 2023, features a manga-style profile picture and lists locations including São Paulo, New York, Hong Kong, and Abu Dhabi.

Its first post was made on June 28, just two days after the WLFI announcement.

CCN’s search through the Internet Archive services showed no previous or deleted content.

As for the official Aqua1 X account, it now remains inaccessible after being suspended.

A Hollow Crypto Track Record

Aqua1’s blockchain activity is also limited and suspiciously sparse.

According to data from crypto tracker Arkham , its only large outgoing trades were two transactions totaling $80 million to WLFI in early June.

In March and April, additional smaller transactions of $9 million and $3 million were sent to anonymous wallets.

The publication reported that between March and June, Aqua1 received approximately $90 million from an account at the OKX crypto exchange.

Why It Matters

Transparency around who is funding the president, and how, is vital in any functioning democracy, particularly when personal profit and public policy collide.

Trump and his family currently receive 75% of all token proceeds from WLFI, meaning Aqua1’s donation has delivered millions directly to the former president.

Trump’s strong pro-crypto stance — alongside his family’s financial benefit from WLFI — raises serious questions about influence, ethics, and foreign interests.

According to Reuters, Trump has reportedly earned around $500 million from WLFI since its 2024 launch.

While many major investors remain hidden behind anonymous wallets, some of the most high-profile backers are widely known, including Justin Sun and Dubai-based DWF Labs.

WLFI did not immediately respond to a request for comment.