TL;DR
- Aqua1 denied any connection to Web3Port and called the allegations about a supposed link between its CEO and the market maker false.
- Journalist Jacob Silverman claimed that Dave Lee and David Jia Hua Li are the same person, citing academic, technical, and corporate coincidences.
- World Liberty Financial is holding a vote to enable free trading of WLFI, with 99.94% provisional approval ahead of the July 16 deadline.
Aqua1 publicly denied any connection to Web3Port, the Hong Kong-based market maker accused earlier this year of manipulating the MOVE token market.
The firm, which recently acquired $100 million worth of WLFI tokens, dismissed the accusations as false and said it holds no financial, corporate, or operational ties with external entities. The clarification came after independent journalist Jacob Silverman claimed that Dave Lee, Aqua1’s co-founder and CEO, is actually David Jia Hua Li, a former Web3Port executive.
Aqua1 Official Statement
We have noticed recent online speculation regarding Aqua1 and its team, which has led to some public misunderstanding. To prevent the spread of misinformation, we would like to clarify the following:
Team Background
Dave Lee joined Aqua1 as co-founder…
— Aqua1 Foundation (@Aqua1Fndn) July 15, 2025
Silverman argued that both names share an academic background in New York, a similar financial history, and technical links. He pointed out that Aqua1 and Web3Port websites are hosted on the same AWS server, which also hosts BlockRock, a real-world asset tokenization platform linked to Dave Lee. This fueled speculation of a hidden connection between the companies, especially considering the size of Aqua1’s investment in World Liberty Financial.
Aqua1 to Take Legal Against Silverman
Dave Lee responded via his official X account, explaining that he left his previous employer due to strategic differences and founded Aqua1 in April. Although he declined to name the former company, he denied any relationship with Web3Port and confirmed that Aqua1 operates independently. Both Lee and Aqua1 stated they will pursue legal action against any inaccurate or defamatory reports.
The controversy surrounding Aqua1’s investment in WLFI adds to a growing list of crypto projects tied to political and financial interests around World Liberty Financial. Weeks ago, Bloomberg reported that Binance may have been involved in creating USD1, WLF’s stablecoin, used to channel a $2 billion investment from a UAE sovereign fund into Binance. Changpeng Zhao denied the claims, calling them misinformation from industry competitors.
Meanwhile, World Liberty Financial is holding a vote to enable free trading of its WLFI token, just months after its initial launch. So far, 99.94% of votes support the measure, with the vote open until July 16.
