A “Spy Sheikh,” a president, and lots of money. This isn’t the plot for the next James Bond movie, but some intriguing fintech news.
A powerful Abu Dhabi royal with deep intelligence ties quietly funneled billions into Donald Trump’s family cryptocurrency venture through a web of shadowy entities, raising serious questions about foreign influence and conflicts of interest.
According to the Wall Street Journal, an investment group controlled by Sheikh Tahnoon bin Zayed Al Nahyan—Abu Dhabi’s national security adviser, the “Spy Sheikh,” and brother to the UAE president—poured $500 million into World Liberty Financial mere days before Trump’s inauguration. The deal handed UAE backers a 49% stake in the Trump family’s crypto platform, providing capital for expansion.
Phantom foundation
In late June, an obscure entity called Aqua1 Foundation announced a $100 million investment in World Liberty Financial, Reuters confirmed at the time. The Dubai-based organization claimed to be accelerating a “blockchain-powered financial ecosystem,” but investigative reporting reveals there’s almost no evidence Aqua1 Foundation actually exists as a legitimate company.
Searches of public databases—including UAE business registries—turn up no corporate registration, official filings, or documentation proving the foundation’s existence, The Nation reported in July. The company’s website, registered just weeks before the investment announcement, contains nothing but fintech buzzwords and an email address. Both its original social media accounts were suspended by the platforms.
The only person publicly connected to Aqua1 is “Dave Lee,” whose cartoon-avatar X/Twitter account was created in December 2023 but didn’t post anything until after the $100 million deal was announced, according to The Nation. Lee lists his location as “São Paulo-NY-HK-Abu Dhabi” but hasn’t responded to multiple requests for comment. Aqua1 Foundation similarly ignored inquiries.
Blockchain analysis reveals the funds originated from wallets on Bybit—a UAE exchange recently hacked by North Korea for $1.5 billion—and OKX, an exchange that pleaded guilty to violating US anti-money laundering laws and paid a $504 million fine, The Nation found earlier this year. The true source of the money remains unknown, raising the possibility that Aqua1 could be a front for foreign interests seeking presidential favors.
Questionable characters
Trump‘s crypto ventures have attracted a rogues’ gallery of investors with troubling backgrounds. The Chinese businessman who met with Eric Trump in Dubai was Guren “Bobby” Zhou, who holds executive roles in multiple businesses and is under investigation by Britain’s National Crime Agency for money laundering, HuffPost revealed last October. Zhou’s previously unreported connection to Aqua1 Foundation adds another layer of intrigue to the murky investment.
DWF Labs executive Andrei Grachev, who invested $25 million in World Liberty Financial, pleaded guilty to fraud in a Russian criminal court, The Nation reported. Crypto entrepreneur Justin Sun, who put $75 million into World Liberty tokens, saw the SEC pause its multibillion-dollar fraud case against him shortly after his investment, according to The Nation.
Under Trump’s deal with World Liberty Financial, the president receives 75% of revenue from token sales, The Nation found—meaning the Aqua1 investment alone potentially enriched Trump by $75 million. The company recently voted to “unlock” its previously non-transferable tokens, allowing early backers to cash out on public markets and ensuring Trump can personally profit from the scheme.
Red flags
World Liberty Financial has drawn fierce criticism from Democratic lawmakers and ethics watchdogs over blatant conflicts of interest, Reuters noted in June. The Trump Organization claims the president’s assets are held in a trust managed by his children—a fig leaf that does nothing to address the fundamental problem of foreign governments and questionable actors funneling money to the president’s family.
The timing of these investments raises additional red flags. MGX, the Abu Dhabi investment fund chaired by Sheikh Tahnoon, completed a $2 billion Binance investment using World Liberty’s USD1 stablecoin, The Nation reported. Trump traveled to the UAE in May and announced “over $200 billion in commercial deals,” according to The Nation—just two weeks before someone began registering websites and social media accounts for Aqua1 Foundation.
Cryptocurrency’s pseudonymous nature makes it the perfect vehicle for corruption. Someone can create a website, issue a press release, and send $80 million to the president’s associates without revealing their true identity, The Nation explained.
Whether Aqua1 is a legitimate Emirati company or a front for foreign interests seeking presidential favors, the lack of transparency and accountability represents a dangerous new frontier in political corruption—one where the President of the United States could theoretically openly profit from shadowy foreign investments with virtually no oversight.
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