Aqua 1 Foundation Crypto Investment: $100 Million Crypto Tokens, Hidden Details, and the Trump Connection

The Aqua 1 Foundation crypto investment has raised major concerns about transparency, regulation, and foreign financial influence. in former President Donald Trump’s crypto venture, raising new questions about transparency and financial influence.

The Aqua 1 Foundation Crypto Investment Explained

In late June, a group calling itself the Aqua 1 Foundation, reportedly headquartered in the UAE, disclosed it had invested $100 million into World Liberty Financial—Trump’s cryptocurrency business. This makes Aqua 1 the largest publicly known buyer of the firm’s tokens. Yet a review by Reuters found virtually no accessible public records, corporate filings, or verifiable background information on either the fund’s financial source or its named founder, Dave Lee. Reuters found that the Aqua 1 Foundation crypto investment lacked verifiable documentation, raising further questions.

Attempts to contact Lee directly were unsuccessful. A press release listed “Dora Lee” as a media contact, but Reuters only received an unsigned email response. That statement read: “We are not providing further details beyond what has been shared publicly at this time.” It also noted that Aqua 1 is “supported by a consortium of long-term partners” and led by a global team with expertise in Web3 and blockchain infrastructure.

Aqua 1 did not reply to a comprehensive list of follow-up questions.

Trump’s family reportedly receives around 75% of all proceeds from World Liberty token sales. Aqua 1’s sizable purchase could mean tens of millions have flowed directly into Trump family accounts. Since launching the crypto platform last fall, the Trump family is estimated to have earned around $500 million in token-related income.

White House Position

Deputy Press Secretary Anna Kelly emphasized that President Trump is committed to developing the U.S. as a global leader in crypto and that his financial interests are managed by a family trust to avoid conflicts of interest. “President Trump is focused on transforming the U.S. into the crypto capital of the world,” Kelly stated, asserting that the president is not directly benefiting from the business.

World Liberty Financial and the Trump Organization did not respond to inquiries.

Most high-value token purchases from World Liberty are made via anonymous wallets. However, a few prominent buyers are known—such as China-born investor Justin Sun, who previously held the largest public investment at $75 million, and DWF Labs, a Dubai-based market maker led by Russian entrepreneur Andrei Grachev.

DWF Labs confirmed its $25 million investment but stated it has no relationship with Aqua 1 or Dave Lee.

A spokesperson for Abu Dhabi Global Market (ADGM), where Aqua 1 claimed it would list a new fund aimed at supporting digital transformation in the Middle East, told Reuters that Aqua 1 is not registered or affiliated with ADGM in any way.

Regulatory Silence

Trump’s crypto businesses have come under growing scrutiny for ethical and regulatory concerns. Critics suggest that financial support from anonymous investors like Aqua 1 raises serious transparency issues, especially given the president’s influence over digital asset regulation. Regulators have not publicly addressed the Aqua 1 Foundation crypto investment, despite its scale and potential policy implications.

Earlier this year, UAE officials pledged a 10-year, $1.4 trillion investment in the U.S. after a meeting with Trump, further intensifying speculation about foreign financial interests.

According to ethics expert Richard Painter, formerly the chief White House ethics lawyer under President George W. Bush, the lack of disclosure about investors in Trump’s crypto ventures undermines public trust. “When such large sums are involved without transparency, the worst is always assumed,” he said. “We have a right to know who’s financing the president.”

Opaque Operations

Aqua 1’s website claims it is a UAE-based Web3 investment fund with global ambitions. However, legal experts such as Zainab Kamran, a digital asset lawyer at NeosLegal, explain that crypto funds in the UAE are subject to stringent regulations. Most operate under authorities such as ADGM, Dubai International Finance Centre (DIFC), or the UAE Securities and Commodities Authority (SCA). Registration can take 6–12 months and involves strict compliance.

Reuters could not verify any registration of Aqua 1 with any of these entities. DIFC’s registry showed no listing for Aqua 1 or Dave Lee. VARA, Dubai’s crypto regulator, confirmed that it has never interacted with either Aqua 1 or Lee.

The SCA also had no publicly available record for the fund and did not comment on the matter.

Unverifiable Identity and Track Record

Domain records reveal that Aqua 1’s website was registered in May 2025, just before the investment announcement. The domain registrants’ identities are hidden. The site contains no leadership bios, team members, or funding information.

Lee’s digital footprint is equally sparse. An X (formerly Twitter) account linked to his name was created in 2023 and contains only a few posts—primarily related to the World Liberty partnership. The account features a manga-style profile image with flags from Brazil, China, and the U.S., and mentions locations such as New York, Sao Paulo, Hong Kong, and Abu Dhabi.

According to blockchain data from Arkham, Aqua 1’s only major known activity is the $100 million token purchase. It made two large transfers totaling $80 million to World Liberty in early June, as well as smaller transfers in March and April. These funds appear to have originated from the crypto exchange OKX.

A Medium profile lists Aqua 1’s total assets under management at $100 million, indicating the World Liberty investment likely represents its entire portfolio. As scrutiny grows, the Aqua 1 Foundation crypto investment remains at the center of concerns over transparency and political influence.