Aqua1 Foundation, a prominent investment group based in the UAE and backing the World Liberty Financial (WLFI)
decentralized finance (DeFi) initiative, has publicly refuted any connection to Web3Port, a Chinese firm specializing
in market-making.
This statement addresses increasing conjecture surrounding the foundation’s recent $100 million infusion into World
Liberty Financial, a blockchain project notably associated with former US President Donald Trump.
The Alleged Link to Web3Port
On July 15th, Aqua1 reiterated its independent
status, emphasizing that it maintains no financial, ownership, or operational ties to Web3Port.
Web3Port, a Chinese entity operating within the crypto space, is currently facing scrutiny due to its involvement
in a significant sell-off
of Movement Labs’ MOVE tokens. This controversy led to the firm’s
exclusion from several exchanges, including Binance.
Dave Lee, a co-founder of Aqua1, also spoke
out, clarifying that he departed from his previous position earlier this year due to divergent strategic
outlooks. He further explained that he helped establish Aqua1 as part of a wider endeavor to develop DeFi
infrastructure within the United Arab Emirates.
Lee also mentioned Aqua1’s ongoing collaborations with institutional partners throughout the Middle East. While
reaffirming the team’s dedication to openness, he acknowledged that specific disclosures remain restricted due to
pending regulatory approvals.
Questions Surround Aqua1’s $100 Million WLFI Investment
This denial follows an in-depth report by journalist David Silverman, who introduced renewed inquiries
regarding the source of Aqua1’s $100 million WLFI investment made last month.
Silverman’s report suggests a possible undisclosed connection between Aqua1 and Web3Port, citing technical evidence
such as shared Amazon Web Services (AWS) infrastructure between Aqua1’s website and domains linked to Web3Port
and Blockrock. He also pointed out that Dave Lee had previously been affiliated with both organizations.
Adding fuel to the speculation, the report proposed that “Dave Lee” might be a pseudonym for David Jia Hua Li, a
Chinese-Brazilian individual with a background in a state-owned energy sector company. Silverman questioned the
feasibility of someone with this background acquiring such significant capital and whether geopolitical motives
could be involved.
These claims have garnered attention from prominent figures, including former US Congressman Tom Malinowski, who
raised concerns about potential foreign influence on the US political arena through extensive cryptocurrency
investments.
The former lawmaker commented sarcastically:
“I’m sure it’s just a standard business transaction conducted with readily available funds, devoid of any
assistance from foreign entities seeking to sway our president.”