Aqua1, CEO rejects links to Web3Port, the market maker implicated in MOVE crash

Web3 investment firm Aqua1 Foundation has denied any connection to Chinese market maker Web3Port. The crypto fund, which recently bought $100 million worth of WLFI tokens from World Liberty Financial (WLF), described such claims as false and misinformation.

According to a post on its official X account, the fund operates independently. It has no ties with any unrelated entity, while its co-founder and CEO, Dave Lee, joined the team in April 2025.

It said:

“Aqua1 operates independently and has no equity, financial, or operational ties to any unrelated entity.”

The post follows recent accusations that Aqua1 co-founder Dave Lee might be the same person as David Li, a former employee of Hong Kong-based Web3Port. Web3Port  was accused of market manipulation earlier this year when it dumped MOVE tokens, leading to several exchanges banning the firm.

However, Aqua1 denied such connections, noting that it has several institutional partners in the Middle East and is working with them on several initiatives. The fund stated that it cannot publicly disclose information yet because of ongoing regulatory and compliance procedures.

Interestingly, Dave Lee also corroborated the Aqua1 post, adding that he left his previous employer to take a founding role in Aqua1 earlier this year. However, he did not name the former employer.

Lee said:

“I stepped away from my role at my previous employer earlier this year due to fundamental differences in vision and strategy, and took on a founding role at Aqua1 — a platform I believe in and will help shape as part of a broader structure we are establishing in the UAE.”

Meanwhile, both Aqua1 and Lee posts mentioned that they will take legal action for any factually incorrect or defamatory coverage to protect their reputation.

Independent journalist claims Aqua1 is connected to Web3Port

Speculations about any connection between the two firms surfaced on July 14 when independent journalist Jacob Silverman alleged that Aqua1 co-founder and CEO Dave Lee is the same person as David Jia Hua Li of Web3Port, an acceleration partner for the company.

Silverman claimed that digital footprints suggest a connection between the two projects. He noted that Web3Port and Aqua1 websites are hosted on the same AWS server. The server also hosts the website for  BlockRock, a real-world assets tokenization platform to which Dave Lee is also connected.

Meanwhile, the journalist added that digital footprints suggest that Dave Lee and David Li are the same person, noting that both appear to have graduated from business school in New York and have a finance background.

Although some questioned the likelihood of the connection, particularly the fact that Aqua1 was able to invest $100 million in WLFI, Silverman argued that this is why the whole transaction is worth investigating, as it suggests corruption.

However, Lee claimed in an earlier post that Aqua1 has been working behind the scenes with WLF for a while now and is only becoming public with the $100 million investment in the crypto project.

WLFI set to become tradable with ongoing vote

Meanwhile, the controversy around Aqua1 investment in WLF is only one of the many controversies that have trailed crypto projects connected to President Trump. For instance, Bloomberg recently claimed in a story that  Binance was involved in creating USD1, the stablecoin launched by WLF a few months ago.

The story suggested that the creation of USD1 and its use in the funding of $2 billion investment by the UAE sovereign fund into Binance might be connected with recent efforts by Binance co-founder Changpeng Zhao’s application for a presidential pardon.

Zhao has since debunked the claims, describing them as false and misinformation and attributing them to a competitor in the industry.

Despite the speculations, World Liberty Financial continues expanding its offerings. The project, which already has a stablecoin and is working on RWA, recently launched a proposal to make its token WLFI tradable months after it initially launched.

The majority of token holders appear to support the proposal, with 99.94% of votes cast being for enabling tradability for the token. Voting started on July 9 and is set to end by July 16.

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