Aqua1 Foundation Faces Scrutiny Over Web3Port Ties

Aqua1 Foundation, a significant investor in World Liberty Financial (WLF), has come under scrutiny following allegations of ties to the controversial market maker Web3Port. The foundation, which purchased $100 million worth of governance tokens from WLF, a crypto project backed by former US President Donald Trump and his family, has been accused of having connections to Web3Port, a firm accused of manipulating cryptocurrency prices.

Journalist Jacob Silverman published an investigation on Monday, claiming to have found connections between Aqua1 Foundation and Web3Port through shared web hosting and overlapping personnel. The report suggested that Aqua1’s founder, known as Dave Lee on X, is actually David Li, whose profile on outreach platform ContactOut lists him as a partner and senior project manager at Web3Port. Lee attempted to distance himself from Web3Port, stating that he stepped away from his former role at his “previous employer” due to “fundamental differences in vision and strategy.” However, he hasn’t explicitly denied that he is David Li or that Aqua1 is somehow connected to Web3Port.

In response to the allegations, Aqua1 Foundation issued a statement claiming it “operates independently and has no equity, financial or operational ties to any unrelated entity.” The statement warned of legal action against defamatory or factually incorrect reporting but did not mention Web3Port by name or address whether Web3Port qualifies as a related entity. Observers have noted that Aqua1’s statements have left key questions unresolved, particularly regarding the identity of its founder and the significance of the shared infrastructure and personnel links.

Silverman’s investigation revealed that Aqua1 and Web3Port shared the same server IP address, along with several other crypto-linked domains. Lee initially ignored this point but later claimed on social media that the shared IP was due to transitional hosting during the early stage and that he brought over key IT staff when he left Web3Port. However, this explanation did little to clarify his own identity or the true origins of Aqua1, fueling further skepticism.

Silverman reported that he reached out to Aqua1 on July 2 as part of his reporting but received no response until after his article was published. In an email response shared by Silverman, Lee outlined ongoing developments in stablecoins, real-world assets, and Middle East initiatives but did not address whether he is the same David Li affiliated with Web3Port. Lee stated that certain details were subject to regulatory and compliance restrictions and could not yet be disclosed publicly, but offered to provide factual information and support accurate reporting.

Despite Aqua1’s promise of transparency, the foundation has yet to directly address the most pressing claims raised by Silverman’s investigation. The lack of concrete answers about its leadership, affiliations, and corporate registration has only intensified media scrutiny, especially given the significant investment in a crypto project tied to the former US president. Until Aqua1 provides clear and comprehensive responses, the allegations and skepticism surrounding its ties to Web3Port are likely to persist.