Aqua 1 Foundation, a UAE-based crypto fund that bought $100 million in tokens from Trump-backed World Liberty Financial, is under scrutiny after a report linked it to Hong Kong market maker Web3Port.
The story, published by journalist Jacob Silverman, says co‑founder Dave Lee is in fact David Jia Hua Li of Web3Port.
The report draws on digital footprints, shared servers and social media tags to make its case.
Journalist’s Claims
Silverman says Dave Lee and David Li share a background as Chinese Brazilian graduates from NYU with finance experience.
He points to LinkedIn posts tagging David Li alongside a Peter Li at China National Petroleum Corporation. That account then vanished after Peter Li asked about Aqua 1.
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Silverman also notes that Aqua 1’s website and Web3Port’s site run from the same AWS server. Pages for a tokenisation platform called BlockRock also sit on that server.
Web3Port has faced past accusations of stirring markets improperly. If Aqua 1’s leader is the same David Li, questions arise about why a finance professional in his 30s could raise $100 million for tokens tied to the U.S. President’s main crypto venture. Silverman asks what returns Li and his team expect for backing a Trump-linked firm.
Aqua 1 and Dave Lee quickly disputed the report. Lee wrote on X that the article has “factually incorrect reporting” about him and the fund.
He said he is working with the journalist to set the record straight. Aqua 1’s official statement calls recent online claims a “misunderstanding” and points to the ongoing regulatory review of its partnerships.
Team Background Clarified
In its public note, the fund says Dave Lee joined as co‑founder and CEO in April 2025. It adds that his hire reflects a shared vision and strategy for Aqua 1’s future.
The statement stresses that the fund operates on its own and has no financial or operational ties to Web3Port or other unrelated groups.
Aqua 1 says it is liaising with institutional partners in the Middle East on several active projects. It notes that some details cannot be shared yet due to compliance and legal steps.
The fund pledges to keep the media and the crypto community updated as matters develop. It also warns it will take legal action against false or defamatory reports.
Questions Over Funding Source
The report asks how a private fund in the UAE could secure such a large sum to buy tokens from a firm backed by the U.S. President.
It wonders if the money came from legacy finance, state actors or other investors. The lack of clear disclosure on financial backers has left observers asking for more transparency.
Around the world, authorities are looking at the connections between politicians and crypto companies. The governments of the United Arab Emirates and Hong Kong have put in place new regulations concerning market abuse and foreign investments.
These rules seem to be central to Aqua 1’s statement about compliance work that is ongoing. Under local law, any finding of non-disclosure could initiate probes of compliance failure.
As the story unfolds, the court of public opinion will weigh journalist Silverman’s digital clues against Aqua 1’s denials. Investors and regulators alike will watch for more proof on both sides.
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