According to online reports, according to an official announcement, Aqua1 Foundation issued a statement in response to recent rumors about its team and operations. The statement stated that Dave Lee joined Aqua1 as co-founder and CEO in April 2025 and is highly aligned with the team's long-term vision. Aqua1 emphasizes that it operates independently and has no equity, financial or operational connections with any unrelated entities. The team is working with Middle Eastern institutions to advance the project, but some details have not been made public due to compliance requirements.