Buyer of ‘Trump Tokens’ Suspected in MOVE Token Dump

A UAE-based crypto fund, Aqua 1 Foundation, is suspected of having ties with the Hong Kong market maker Web3Port, previously accused of market manipulation. This is according to an investigation by independent journalist Jacob Silverman.

Additionally, the fund purchased tokens worth $100 million from World Liberty Financial (WLF), a company linked to U.S. President Donald Trump.

The Accusations

Last month, the allegedly fictitious company Aqua 1 Foundation announced a deal with WLF. The firm’s only public representative was “Dave Lee,” who had a minimally active profile on the social network X. Blockchain data shows that a structure associated with Aqua 1 has already sent WLF at least $80 million in USDT.

Silverman began his investigation by analyzing Aqua 1’s website. He discovered that domains affiliated with the Hong Kong crypto investor group Web3Port and other similar projects were hosted on the same server. “Dave Lee” himself mentioned his connection to one of these projects on X.

The journalist found a person named David Jia Hua Lee, who represented Web3Port at public events in Singapore, Dubai, and Hong Kong. Silverman located his LinkedIn profile, where he was tagged in posts from conferences. After the journalist sent David Lee a message with questions about Aqua 1, Lee deleted his account.

David Lee’s identity is corroborated by other data. The locations listed in “Dave Lee’s” X profile—New York, Hong Kong, Abu Dhabi, and São Paulo—match David Lee’s biography. He studied in New York, worked in Hong Kong, his company Web3Port focuses on the UAE, and he has Brazilian roots.

This information is partially confirmed by a Chinese crypto publication, which previously described “Dave Lee” as a New York University graduate from a Chinese-Brazilian family.

“How did a 30-year-old finance specialist working for a Chinese state energy company get $100 million to buy tokens from the main crypto firm of the U.S. president? And what do he and his colleagues expect in return?” Silverman wondered.

Aqua 1’s Position

Lee called the journalist’s report “factually incorrect.” He stated that he has already contacted the author for clarification.

Came across some factually incorrect reporting regarding both myself and Aqua1 today. We’re already in touch with the journalist involved to clarify.
Appreciate the continued interest and support — more from us soon.

— Dave Lee (@LeeDave_Aqua) July 15, 2025

Aqua 1 also released a statement. It asserts that the company operates independently and has no financial or operational ties with other organizations.

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

However, neither the fund nor Lee specified which details in the report were inaccurate.

“We are committed to transparency, but some details fall under current regulatory procedures and cannot be disclosed,” Aqua 1 stated.

Lee added that he left his previous job due to “fundamental differences in vision and strategy.” He did not specify which company he departed from.

Pleased to see the facts laid out clearly. Aqua1 is independently operated, with no equity, financial, or operational ties to any unrelated entity.
I stepped away from my role at my previous employer earlier this year due to fundamental differences in vision and strategy, and… https://t.co/9414aK3QAG

— Dave Lee (@LeeDave_Aqua) July 15, 2025

Binance blacklisted Web3Port due to price manipulation of MOVE tokens from the Movement Labs project.

Subsequently, the Movement Network team initiated an investigation into the “market maker anomaly.”