Aqua1 Foundation Deflects Web3Port Connection Questions

Aqua1 Foundation claims operational independence in response to allegations by journalist Jacob Silverman of ties to Web3Port, but has failed to directly address the central questions surrounding the connection.

Monday saw journalist Jacob Silverman publish an investigation suggesting links between Aqua1 Foundation and controversial market maker Web3Port. Silverman posits that connections exist via shared web hosting and overlapping personnel, including the identity of Aqua1’s founder “Dave Lee.”

The investigation uncovered that “Dave Lee,” identified by his X username, is allegedly David Li, who is listed as a partner and senior project manager at Web3Port on ContactOut.

Aqua1 Foundation previously drew significant attention in late June after purchasing $100 million worth of governance tokens from World Liberty Financial (WLFI). WLFI is a cryptocurrency project associated with US President Donald Trump and his family. Silverman’s piece specifically questions whether the entity backing Trump’s DeFi initiative maintains ties to Web3Port, which faces allegations of price manipulation.

Aqua1 founder Dave Lee attempted a distancing, stating he left his “previous employer” “Web3Port” due to differing “vision and strategy.” Lee has not explicitly denied his identity as David Li or acknowledged any connection to Web3Port.

In a communication with the press, Aqua1 asserted its “operational independence” and claimed no ties to “unrelated entities.” However, the statement explicitly avoided naming Web3Port and failed to acknowledge whether such an entity would necessarily constitute a relation.

Observers say Aqua1's statements have left key questions unresolved — Analysts highlight ongoing ambiguities regarding Aqua1’s operations. Source: David Lee profile indicators

Contextual Background Leads Journalist to Investigation

According to Silverman, a profile on Dave Lee contains insufficient digital footprints—limited website activity, suspended social media accounts, and a vague online persona.

Through analysis of LinkedIn records and conference attendance data, Silverman identified Lee as David Li. Lee later acknowledged this connection via social media, confirming his identity as David Li of Web3Port since June, but stopped short of directly addressing the controversy in communication with Silverman.

Limited Engagement and Avoidance of Core Issues

Silverman reported reaching out initially to Aqua1 (“Dave,” his colleagues, and WLFI) without receiving substantial responses prior to publishing. An email was allegedly received only after the website article appeared, outlining ongoing projects but offering no rebuttal to the specific charges.

Lee did not answer direct follow-up questions posed by Silverman: whether he is the individual David Li and whether Web3Port is, or has been, associated with Aqua1 Foundation.

Silverman follows up with Dave Lee regarding alleged connections to Web3Port — Silverman’s research uncovered Lee’s association via purely public data points. Source: David Lee/Silverman reporting

Transparency Lacks; Scrutiny Persists

Despite claims of independence, Aqua1 management has demonstrated opacity regarding its founder’s background and corporate relationships. The alleged shared hosting infrastructure further complicates the narrative.

Lee’s explanation—asserting the shared IP was from transitional hosting—is presented but fails to clarify the current affiliation or the complete foundation of Aqua1. The lack of substantive answers fuels skepticism, particularly given the significant investment linked to a presidential initiative.

Silverman noted Aqua1 has not addressed these core questions, even following direct inquiry, leaving key aspects of the matter unresolved.