- A little-known firm invested $100 million in Trump’s crypto venture.
- Aqua 1 is now the largest publicly-known investor in the project.
- The Trump family receives 75% of token proceeds from World Liberty Financial.
July 12 (Foxton News) – A mysterious entity has emerged as the largest known backer of President Donald Trump’s cryptocurrency venture, World Liberty Financial, raising fresh questions about transparency and influence.
A company calling itself Aqua 1 Foundation, 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 Financial. With that move, Aqua 1 became the largest publicly known investor in the project. However, a Reuters investigation into Aqua 1’s corporate filings, online presence, and public records reveals virtually nothing about its source of funds or its founder, Dave Lee.
Reuters was unable to contact Lee directly. A press release from Aqua 1, published as sponsored content on Reuters.com, listed an individual named Dora Lee as the media contact. When contacted by Reuters, the company issued an unsigned statement, saying it was not sharing additional information beyond what had already been disclosed publicly. The statement described Aqua 1 as being supported by “long-term, mission-aligned partners” and led by Dave Lee and a global team with expertise in web3 and digital asset infrastructure. Aqua 1 did not respond to further detailed questions.
In an email statement, a Trump campaign representative said, “President Trump is dedicated to making America the crypto capital of the world and revolutionizing our digital financial technology.” The spokesperson added that Trump’s assets are held in a trust managed by his children and insisted there are no conflicts of interest. Neither the Trump Organization nor World Liberty responded to requests for comment.
Many of the buyers of World Liberty’s $WLFI tokens remain anonymous, hidden behind digital wallets. Some major backers are publicly known, including crypto entrepreneur Justin Sun, who previously held the largest publicly disclosed investment with $75 million, and DWF Labs, a Dubai-based market-making firm led by Russian crypto investor Andrei Grachev.
DWF Labs, which in April announced a $25 million purchase of WLFI tokens, told Reuters it had no connection to Aqua 1 or Dave Lee. MGX, a state-linked investment fund from Abu Dhabi that chose World Liberty’s stablecoin for a $2 billion Binance-related investment, declined to comment. Sun’s company, Tron, also did not respond to inquiries.
Aqua 1’s June 26 announcement stated that World Liberty would support its new initiative to create a separate fund aimed at accelerating digital transformation in the Middle East. Aqua 1 said it intended to list this fund in Abu Dhabi’s Global Market financial center. The next day, World Liberty posted on social media expressing excitement about collaborating with Aqua 1 and Dave Lee to “build the next generation of DeFi.”
But when Reuters contacted the Abu Dhabi Global Market, a spokesperson said that Aqua 1 “is not registered, licensed, or affiliated” with the financial center in any way.
Trump’s crypto ventures, including World Liberty, are drawing criticism from ethics experts and political opponents who warn about the potential for foreign influence. Critics argue that these ventures pose conflicts of interest as Trump campaigns for the presidency while his administration would likely shape crypto regulations if he wins.
In March, officials from the UAE met with Trump and pledged a 10-year, $1.4 trillion investment plan in the U.S.
Richard Painter, a law professor at the University of Minnesota and former chief ethics lawyer under President George W. Bush, said the lack of transparency around Aqua 1’s investment undermines public trust. “We ought to know who is sending money to the president,” Painter said. Without more disclosure, he added, “everybody assumes the worst.”
Limited public profile
Aqua 1’s website describes it as a “Web3-native fund based in UAE with a global outlook,” focused on blockchain and decentralized technologies. According to attorney Zainab Kamran of NeosLegal, crypto funds looking to operate in the UAE typically register with one of three regulators: Abu Dhabi Global Market, Dubai International Finance Centre, or the UAE Securities and Commodities Authority.
Kamran noted that the UAE has high regulatory standards and that it typically takes six to twelve months to register a crypto fund. Abu Dhabi is often favored for its more mature regulatory framework and institutional finance environment.
Despite these requirements, Reuters could not confirm whether Aqua 1 is registered under any of these authorities. A Dubai International Finance Centre spokesperson directed Reuters to its public registry, which did not list Aqua 1 or Dave Lee. A spokesman for Dubai’s crypto regulator, VARA, also said it had no record of any engagement with Aqua 1 or Lee. Similarly, Aqua 1 does not appear on the registry of the UAE Securities and Commodities Authority, which did not respond to a request for comment.
Domain trackers show that Aqua 1’s website was created in May, just one month before it announced the $100 million investment. The registrant’s identity was redacted, and the site contains no information about the company’s leadership or funding sources.
Very little is known about Dave Lee. An X (formerly Twitter) account created in 2023 under his name posted its first message announcing the World Liberty investment. The account, which features a manga-style profile image of a young man in a bow tie, describes Lee as an “investor and dreamer” and lists locations including São Paulo, New York, Hong Kong, and Abu Dhabi. The profile also includes Brazilian, Chinese, and American flags.
Aqua 1’s trading activity to date appears limited. Blockchain data from Arkham shows that the wallet labeled “aqua1.eth” transferred $80 million to World Liberty in June. It had previously sent $9 million in March and $3 million in April to anonymous wallets. Between March and June, it received around $90 million from an account on the OKX crypto exchange.
A profile of Aqua 1 published on Medium lists the firm’s assets under management at $100 million, suggesting the World Liberty investment may be its only active position.
