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The Aqua1 Foundation asserted that it operates independently in response to journalist Jacob Silverman’s report, which suggested potential connections to the controversial market maker Web3Port. However, the foundation left several important questions unanswered. However, amid all of the drama, there are strong rumours that the WLFI crypto token will go live for trading either this week or next.
On Monday, Silverman published his investigation, claiming to have found links between the Aqua1 Foundation and Web3Port through shared web hosting and overlapping personnel.
Fam!
Rumors linking Aqua1, $WLFI's $100M backer, to banned Chinese firm Web3Port are swirling.
Aqua1 denies it, but shared AWS footprints and past connections to Dave Lee (aka David Jia Hua Li) keep questions alive.
Crypto or geopolitical chess?
pic.twitter.com/IzeXsHozhP
— Vanessa (@_0xVanessa) July 16, 2025
More Twists And Turns In Aqua1 / WLFI Crypto Drama As Journalist Claims Dave Lee Is Affiliated With Under-Fire Market Maker
He noted that Aqua1’s founder, known as Dave Lee on X, is actually David Li, whose profile on the outreach platform ContactOut lists him as a partner and senior project manager at Web3Port.
Aqua1 Foundation came under scrutiny in late June after it purchased $100 million worth of governance tokens from World Liberty Financial, a cryptocurrency project backed by former 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, stating that he left his former role at his “previous employer” due to “fundamental differences in vision and strategy.” However, he has not explicitly confirmed or denied that he is David Li or that Aqua1 has any connection to Web3Port.
Silverman is a journalist known for his critical reporting on Trump and his connections to the cryptocurrency industry. Last week, he published an article in The Nation titled “Does Trump’s Biggest Crypto Backer Exist?” which raised doubts about the legitimacy of Aqua1 Foundation, particularly after it committed $100 million to WLFI crypto.
Silverman reported that Aqua1’s public presence consists mainly of a vague website, suspended social media accounts, and a figure known only as “Dave Lee.” In a follow-up investigation on his site, he discussed that Lee is David Li of Web3Port, based on an analysis of LinkedIn records and past conference appearances.
I have identified "Dave Lee" (@LeeDave_Aqua), the pseudonymous person behind Aqua 1 Foundation, which last month announced a $100 million deal with Trump's World Liberty Financial. I believe it's important to know who is paying the US president.https://t.co/6DIpCPm54v
— Jacob Silverman (@SilvermanJacob) July 14, 2025
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Aqua1 Responds To Silverman: Threatens Legal Action
Following the publication of the report, Aqua1 issued a statement on X claiming it “operates independently and has no equity, financial, or operational ties to any unrelated entity.” It warned that it would pursue legal action against any defamatory or factually incorrect reporting.
While the statement appeared to deny ties to Web3Port, it did not mention the firm by name and failed to address whether Web3Port qualifies as a related entity.
One of Silverman’s key findings was that Aqua1 and Web3Port shared the same server IP address, along with several other crypto-linked domains. Initially, Aqua1 ignored this point. However, when pressed on social media, Lee responded by claiming Aqua1 has “no ties whatsoever to other teams or entities.”
“The shared IP was simply due to transitional hosting during the early stages. I brought over the CTO and core IT member when I left,” Lee wrote on X.
“After many attempts to reach Dave, his colleagues, and WLF, I did get an email last night,” Silverman said in a leaked message exchange. “It did not contain any denials at all or provide any clarity on the specifics of my reporting.”
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
In a screenshot of the email Silverman received, Lee outlined ongoing developments in stablecoins, real-world assets, and initiatives in the Middle East. The message stated that specific details were subject to regulatory and compliance restrictions and could not be disclosed publicly at this time.
“However, 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 read.
However, at no point throughout the back-and-forth exchanges between Lee and Silverman did Lee address whether he is the same David Li affiliated with Web3Port.
WLFI Crypto Rumoured to Be Going Live For Trading Very Soon
Only 7 hours remain for the $WLFI governance vote to make the token tradable.
Once approved, this will enable public market trading for the first time.
Any insights on when the initial exchange listing might occur? pic.twitter.com/8bRAdv1sDl— Cryptoprofilers (@Cryptoprofilers) July 16, 2025
There are just a few hours remaining for the governance vote put to WLFI crypto holders on whether to make the token tradable. It is currently at 99.94% in favour of enabling WLFI for trading, and once this vote concludes, a date will likely be announced for WLFI to be listed on the exchanges.
A Binance listing seems a foregone conclusion, considering the close ties between World Liberty Financial, its USD1 stablecoin, and its being built on Binance’s BNB Smart Chain. The close ties between the two firms are transparent, so investors can expect a listing on the world’s largest crypto exchange on day one.
Coinbase is one high-profile exchange that may not list WLFI on day one due to the ongoing tensions between Binance and its co-founder, CZ, and the World Liberty Financial project. There are rumours that Coinbase orchestrated a recent Bloomberg hit piece on WLFI crypto and CZ, although the exchange has denied these claims.
However, aside from Coinbase, traders can expect day-one listings for WLFI on Binance, ByBit, OKX, and other top-tier exchanges due to the hype and demand surrounding this token launch. Exchanges will want to secure their share of the assumed liquidity that will pour into WLFI at launch.
Keep an eye on the official World Liberty Financial social media channels for a date and time for when WLFI crypto will go live for trading.
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The post More Twists And Turns In The WLFI Crypto $100M Investment Drama: Are Aqua1 Connected To China? appeared first on 99Bitcoins.