Aqua1 Foundation said it operates independently in response to a report by journalist Jacob Silverman that suggested possible ties to controversial market maker Web3Port, but left important questions unanswered.
On Monday, Silverman published his investigation, which claims to have found connections between Aqua1 Foundation and Web3Port through shared web hosting and overlapping personnel. The reporter added that Aqua1’s founder, who goes by 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.
Aqua1 Foundation came under the spotlight in late June after it purchased $100 million worth of governance tokens from World Liberty Financial, a crypto project backed by US President Donald Trump and his family. The investigation raised concerns that the entity supporting the president’s DeFi initiative may have ties to Web3Port, a firm accused of manipulating cryptocurrency prices.
Lee attempted to distance himself from Web3Port, saying 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.
Cointelegraph did not receive a response from Aqua1 by the time of publication.
Aqua1 maneuvers around Web3Port connection allegations
Silverman is a journalist known for his critical reporting on Trump and his ties to the cryptocurrency industry. Last week, he published an article in The Nation titled: Does Trump’s Biggest Crypto Backer Really Exist? It raised doubts about the legitimacy of Aqua1 Foundation, which recently committed $100 million to World Liberty Financial.
Silverman reported that Aqua1’s public footprint consists of little more than a vague website, suspended social media accounts and a figure known only as “Dave Lee.” In a follow-up investigation on his personal site, Silverman reported Lee is David Li of Web3Port by analyzing LinkedIn records and past conference appearances.
Following publication, Aqua1 issued a statement on X saying it “operates independently and has no equity, financial or operational ties to any unrelated entity,” and warned it would pursue legal action against defamatory or factually incorrect reporting. While the statement appeared to deny ties to Web3Port, it did not mention the company by name — nor did it address whether Web3Port qualifies as a related entity.
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One of Silverman’s key findings was that Aqua1 and Web3Port shared the same server IP address, along with several other crypto-linked domains. Aqua1 initially ignored this point. Later, when pressed on social media, Lee responded, claiming Aqua1 has “no ties to whatsoever other team or entity.”
“The shared IP was simply due to transitional hosting during the early stage. I brought over the CTO and core IT member when I left,” Lee wrote on X.
Aqua1 responds to Silverman but not where it matters
Silverman told Cointelegraph that he reached out to Aqua1 on July 2 as part of his reporting for The Nation article, but received no response until after the article on his private website was published.
“After many attempts to reach Dave, his colleagues and WLF, I did get an email last night,” he said in a direct message exchange. “It did not contain any denials — at all — or provide any clarity on the specifics of my reporting.”
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In a screenshot of the email Silverman says he received, Lee outlined ongoing developments in stablecoins, real-world assets and Middle East initiatives. The message said that certain details were subject to regulatory and compliance restrictions and could not yet be disclosed publicly.
“That said, if there are any specific points you’d like to clarify, we’re happy to do our best to provide factual information and support accurate reporting. We value constructive dialogue and are open to ongoing engagement,” the email screenshot reads.
Notably, Lee did not address whether he is the same David Li affiliated with Web3Port.
Aqua1’s promise of transparency to be tested
Aqua1 has yet to directly address the most pressing claims raised by Silverman’s investigation — namely, the identity of its founder and the significance of the shared infrastructure and personnel links. Its statement emphasizes independence from “unrelated entities” but avoids the core question: whether Web3Port is related.
Lee’s explanation that the shared IP address was the result of transitional hosting and that he brought over key IT staff may offer partial context, but does little to clarify his own identity or the true origins of Aqua1. The lack of transparency only fuels skepticism, especially given the scale of its investment in a crypto project tied to the US president.
Until Aqua1 provides concrete answers about its leadership, affiliations and corporate registration, scrutiny from the media is unlikely to subside.
Following the company’s email response, Silverman said he followed up with two direct questions: whether David Lee is the same individual as David Li of Web3Port and whether Web3Port has any connection to Aqua1 Foundation.
As of publication, Aqua1 has not addressed either question, including in response to Cointelegraph’s inquiry.
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