Trump’s crypto venture World Liberty Financial is getting grilled by Congress after a mysterious UAE entity called Aqua 1 Foundation dropped $100 million into the deal. Here’s the kicker: nobody can find any official records or corporate filings for this foundation. Senators Elizabeth Warren and Edward Merkley are demanding transparency about the sketchy investment, which allegedly outbid Tron founder Justin Sun. The whole thing screams red flags, and the details get even murkier.
When the Trump family decided to dive headfirst into crypto, they apparently didn’t expect this level of heat. The World Liberty Financial venture, which seemed like a straightforward money-making opportunity, is now facing serious questions from U.S. Senators and raising eyebrows across the crypto world.
The deal itself is massive. Abu Dhabi‘s state-backed firm MGX committed $2 billion using World Liberty Financial’s USD1 stablecoin. Eric Trump proudly presented the details at a Dubai crypto convention, painting it as a legitimate business pivot away from traditional retail into crypto investment territory.
Abu Dhabi’s MGX drops $2 billion on Trump’s crypto venture while Eric pitches it as a legit business pivot in Dubai.
But here’s where things get weird. Enter Aqua 1 Foundation, a Dubai-based entity that announced a $100 million investment in the Trump crypto venture. Problem is, nobody can find any official records proving this foundation actually exists. No corporate filings. No public documentation. Nothing.
This mystery investor supposedly outbid Justin Sun, the Tron founder, making Aqua 1 one of the biggest contributors to Trump’s crypto earnings. And those earnings? Trump gets 75% of token sale revenues, meaning Aqua 1’s investment could net him around $75 million. Not bad for a guy who used to trash crypto. With crypto ownership reaching 28% among Americans, the venture’s potential reach is significant.
The timing couldn’t be more suspicious. Right after Sun invested in World Liberty Financial, the SEC mysteriously paused a multi-billion dollar fraud case against him. Coincidence? Senators Elizabeth Warren and Edward Merkley don’t think so. They’re demanding records about the $2 billion stablecoin deal, focusing on transparency and legitimacy concerns.
This crypto drama unfolds against the backdrop of Trump’s broader UAE dealings. He secured over $200 billion in U.S.-UAE commercial agreements in May 2025, part of a $1.4 trillion, 10-year investment framework covering technology, aerospace, and energy sectors. The administration’s claims about having no conflicts of interest due to assets being placed in a trust haven’t quieted the critics.
Media coverage has been brutal, highlighting the shady nature of Aqua 1’s involvement and questioning the motives of these mysterious backers. The crypto venture’s international promotion has raised its profile but also amplified skepticism about potential investor risks and reputational damage to the Trump brand. Adding to the confusion, the company’s X account was suspended, along with an affiliated company called BlockRock RWA.
The scrutiny signals growing Congressional interest in crypto deals tied to political figures, especially when compliance with securities regulations remains questionable.
