By Who Is Behind Aqua 1’s $100 Million WLFI Purchase?
Guren “Bobby” Zhou, the businessman linked to Aqua 1’s $100 million purchase of World Liberty Financial governance tokens, was arrested in Britain in 2021 on suspicion of money laundering, according to court records and people familiar with the investigation.
Zhou has not been charged. British officials said the investigation remained active as of late July, while a court filing from last November accused him of participating with five other people in a money-laundering operation dating to 2019.
Two of Zhou’s longtime employees were charged in the case last September, and one defendant has pleaded guilty. A trial for those who have been charged is scheduled for 2028.
The scrutiny matters because Zhou has been identified as the person behind Aqua 1, a little-known UAE-based fund that emerged in 2025 as one of the largest known buyers of WLFI. Aqua 1 purchased $100 million of World Liberty tokens, creating questions over the source of the capital and how the investment was financed.
World Liberty said it followed all applicable laws and regulations. Zhou did not respond to requests for comment regarding the allegations.
Where Did Aqua 1’s $100 Million Come From?
The source of the $100 million used to purchase WLFI remains unclear. Available records connect Zhou to several businesses before Aqua 1, including a British flooring retailer, crypto project Caduceus and investment firm Web3Port.
The flooring business entered restructuring without repaying about $5 million owed to a company controlled by Zhou’s father. Zhou later launched Caduceus, which raised about $7.6 million before its token became effectively worthless by 2024.
Caduceus had publicly claimed backing from China Merchants Securities UK and the Bin Zayed Group, an organization founded by a member of Abu Dhabi’s royal family. Both organizations later said representations about their involvement were “unauthorized and materially false.”
After moving from London to Abu Dhabi in 2024, Zhou became involved with Web3Port, a crypto venture firm that announced a $10 million investment in World Liberty shortly after Donald Trump’s January 2025 inauguration.
Corporate records later showed that a Web3Port entity registered in the British Virgin Islands changed its name to Aqua 1 GP Limited. Two weeks after that change, Aqua 1 announced the $100 million WLFI transaction.
Blockchain analysis also linked the transactions more closely. A wallet controlled by Web3Port bought about $20 million of WLFI in January 2025, while another wallet believed to be controlled by Aqua 1 purchased another $80 million in June.
Investor Takeaway
The main issue is not whether Zhou has been convicted of wrongdoing — he has not been charged. The financial question is whether World Liberty can provide enough transparency around major token buyers when large purchases generate substantial revenue for entities connected to its founders.
How Did The WLFI Purchase Benefit World Liberty’s Owners?
Under World Liberty’s revenue-sharing structure, as much as $75 million from Aqua 1’s $100 million token purchase may have flowed to a company controlled by Trump and his sons.
Previous disclosures showed that 75% of proceeds from WLFI token sales were allocated to DT Marks DEFI LLC, an entity controlled by Trump. Trump’s latest financial disclosure listed more than $65.6 million from the sale of equity in WLF Holdco and $236.25 million in distributed World Liberty token-sale proceeds.
The transaction also financially benefited the family of World Liberty co-founder Zach Witkoff. His father, Steve Witkoff, serves as a special envoy in the Trump administration, adding another layer of scrutiny to the project’s ownership and revenue arrangements.
World Liberty spokesperson David Wachsman said the company complied with applicable laws and maintained a compliance program that “meets or exceeds industry standards.” He declined to say whether World Liberty knew the source of Zhou’s funds.
A White House spokesperson separately said Trump had no conflicts of interest.
Why Does The Source Of Funds Matter For WLFI?
Large token purchases are especially sensitive when the buyer’s identity, funding source and related entities are difficult to establish. Crypto projects can receive capital rapidly through blockchain transactions, but questions around beneficial ownership and source-of-funds checks can create legal and reputational risks even when the transactions themselves are publicly visible.
Aqua 1 previously denied having a connection to Web3Port after the two operations were linked, although it did not specify which elements of that reporting it disputed. Corporate records and wallet activity have since provided additional evidence connecting the businesses.
For World Liberty, the issue could become more important as the project expands and seeks relationships with regulated institutions. Investors, counterparties and regulators may examine whether large token buyers were subjected to enhanced due diligence, particularly when those purchases generated tens of millions of dollars for entities connected to politically exposed individuals.
The unanswered question remains the origin of Aqua 1’s $100 million. Until more information is disclosed, the transaction leaves World Liberty facing scrutiny not only over who bought its tokens, but over how much the project knew about the capital behind one of its largest investors.