The Aqua1 Foundation, an investor in the UAE-based World Liberty Financial (WLFI) Defi project, has publicly denied partnership with Chinese market production company Web3port.
This clarification corresponds to a growing speculation over the recent $100 million investment in World Liberty Financial, a blockchain project linked to US President Donald Trump.
What does it have to do with Web3port?
On July 15, Aqua1 highlighted that it operates independently and has no financial, fair or operational relationship with Web3port.
Web3port is a Chinese crypto company that has been caught up in a scandal that included a major sale of Movement Lab’s mobile tokens. This issue has resulted in the ban on companies with multiple exchanges, including Binance.
Aqua1 co-founder Dave Lee also tackled the issue, saying he left his previous role earlier this year due to different Visions and helped launch Aqua1 as part of a broader Defi infrastructure initiative in the UAE.
Lee further stated that Aqua1 is working with institutional partners in the Middle East. While acknowledging the team’s commitment to transparency, he noted that certain disclosures remain limited due to the ongoing regulatory process.
Questions arise after Aqua1 purchased a $100 million WLFI
The rejection follows an investigation report by journalist David Silverman. David Silverman raised new concerns last month about the origins of Aqua1’s $100 million WLFI purchase.
Silverman suggested that Aqua1 could have a private relationship with Web3port, citing technical details between sharing Amazon Web Services (AWS) infrastructure and the domains belonging to Web3port and blocklock. He also said Dave Lee had previously worked for both companies.
In addition to speculation, the report suggested that “Dave Lee” could be an alias for David Zia Hua Lee, a Chinese Brazilian national with a background in the state-owned energy company. Silverman questioned how those with that profile could have access to such substantial capital and whether geopolitical motivations were working.
These allegations have attracted attention from people such as former U.S. Rep. Tom Marinowski. He questioned whether foreign profits through large-scale crypto investments are affecting the US political scene.
The former lawmaker ironically said:
“It’s a normal commercial transaction made with money he was lying to, and I’m sure there’s no help from foreign interests trying to influence the president.”
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