Aqua 1’s $100 million WLFI token purchase linked to banned market maker Web3port

Aqua 1, a company that had announced a $100 million acquisition of WLFI tokens linked to the World Liberty Financial project, has been revealed to be a shell entity connected to Web3port, a market maker banned from several decentralized exchanges in 2023 due to allegations of market manipulation. The company’s founder, Dave Lee, remains largely unknown, and contrary to Aqua 1’s assertions, it is not registered in the UAE and lacks transparent ownership details.

The funds, initially promoted as supporting digital freedom infrastructure, were routed through non-transparent wallets and offshore accounts, revealing direct ties to Web3port. Earlier announcements highlighted Aqua 1’s intention to purchase WLFI governance tokens from the World Liberty Financial project to influence platform governance and foster blockchain financial innovation. Furthermore, Aqua 1 aimed to launch the Aqua Fund in the Middle East and collaborate on the BlockRock RWA tokenization initiative alongside WLFI.

This revelation has sparked controversy and raised questions about the legitimacy of Aqua 1’s operations and its ties to Web3port. The lack of transparency in Aqua 1’s ownership and the routing of funds through non-transparent wallets and offshore accounts have further fueled skepticism. The allegations of market manipulation against Web3port add another layer of complexity to the situation, as it calls into question the integrity of the market maker and its associated entities.

The controversy surrounding Aqua 1’s $100 million WLFI token purchase highlights the need for greater transparency and accountability in the cryptocurrency and blockchain industries. The lack of regulation and oversight in these sectors has allowed for the proliferation of shell entities and market manipulation, which can have serious consequences for investors and the broader financial ecosystem. As the industry continues to evolve, it is crucial for stakeholders to prioritize transparency and ethical practices to build trust and ensure the long-term sustainability of the sector.