Mysterious UAE-Based Aqua 1 Invests $100 Million in Trump’s Crypto Business

Aqua 1 Foundation, a venture claiming to be based in the United Arab Emirates, announced in late June that it had purchased $100 million worth of crypto tokens from World Liberty. This investment made Aqua 1 the largest publicly known investor in Trump’s crypto business. However, the organization remains shrouded in mystery, with little to no information available about its capital sources or its founding partner, Dave Lee. This lack of transparency has raised questions about Trump’s controversial crypto ecosystem, as the Trump family receives three-quarters of all token proceeds from World Liberty, effectively injecting tens of millions of dollars into their personal pockets.

Richard Painter, a former chief ethics lawyer for President George W. Bush, expressed concern over the lack of transparency in the Trump family’s crypto business. He stated that the absence of information about investors like Aqua 1 has undermined public confidence in the government. Painter warned that without more transparency, people will assume the worst regarding foreign actors trying to influence the White House. He emphasized the need for greater disclosure, stating, “We ought to know who is sending money to the president.”

The White House, however, has provided an opaque explanation. According to a statement from White House deputy press secretary Anna Kelly, “President Trump is dedicated to making America the crypto capital of the world and revolutionizing our digital financial technology.” She added that the president’s assets are in a trust managed by his children, and there are no conflicts of interest. This statement does little to address the concerns raised by Painter and others about the lack of transparency in Trump’s crypto investments.

Aqua 1’s website describes it as a Web3-native fund with a global outlook, investing in blockchain and crypto firms to create products for a decentralized internet. Despite this, the company has not disclosed additional information beyond what has been publicly shared. It claims to be backed by a group of long-term, mission-aligned partners and led by Dave Lee and a global team with expertise in web3 and digital asset infrastructure. However, the company’s assets under management total only $100 million, with the World Liberty deal being its only current investment.

According to data from crypto tracker Arkham, the only large outgoing trades from a wallet tagged “aqua1.eth” were two transfers totaling $80 million to World Liberty in early June. Additionally, the wallet made transfers of $9 million in March and $3 million in April to anonymous crypto wallets. Between March and June, it received about $90 million from an account at the OKX crypto exchange. This information further highlights the lack of transparency surrounding Aqua 1’s financial activities and its connections to other entities.

Dave Lee, the only known person linked to the company, has a social media account registered in 2023. The account, which calls Lee an “investor and dreamer,” has made only a handful of posts, starting with an announcement of the World Liberty deal. Lee’s profile picture features a manga-style portrait of a young man in a bow tie, along with Brazilian, Chinese, and US flags. It cites Sao Paulo, New York, and Abu Dhabi as his locations, further adding to the mystery surrounding his identity and background.

Aqua 1’s website was created in May, a month before it announced its investment in World Liberty. The website contains no information on Aqua 1’s leadership or financial backers. Registration for crypto funds typically takes approximately six to 12 months, and funds gravitate towards Abu Dhabi because of its well-developed crypto framework and focus on institutional finance. However, the Abu Dhabi financial centre confirmed that Aqua 1 is not registered, licensed, or affiliated with it in any capacity. Similarly, Aqua 1 or Aqua 1 Foundation does not appear in the register of UAE Securities and Commodities Authority-licensed companies, nor is it identified by the Dubai International Finance Centre regulator or the register of Dubai’s crypto regulator, VARA. This lack of registration and affiliation further raises questions about the legitimacy and transparency of Aqua 1’s operations.