Aqua 1 Denies Web3Port Link Amid Market Manipulation Claims

Aqua 1 Foundation, a crypto investment fund based in the United Arab Emirates, has vehemently denied any affiliation with Web3Port, a market-making firm that was previously banned from multiple exchanges. The controversy arose following a report that suggested a connection between Aqua 1’s co-founder, Dave Lee, and David Jia Hua Li of Web3Port. The report, which was published by an independent journalist, claimed that both names belong to the same individual, a Chinese-Brazilian graduate of NYU with a background in finance. The journalist further alleged that Lee had represented Web3Port as an “acceleration partner” at various crypto events in 2023.

The report also highlighted that Lee and Li shared overlapping network activity on social media platforms, including LinkedIn. Additionally, the journalist noted that Peter Li, another individual connected to both Aqua 1 and China National Petroleum Corporation, deactivated his LinkedIn account after being contacted. This raised further suspicions about the potential link between the two entities. The journalist also pointed out that Aqua 1’s website is hosted on the same AWS server as Web3Port, further fueling concerns about potential coordination or shared control between the two firms.

Web3Port has faced accusations of market manipulation in the past. It was banned from several platforms earlier this year after selling large volumes of MOVE tokens tied to Movement Labs. That project had received funding from World Liberty Financial, the same firm that sold Aqua 1 $100 million worth of crypto tokens. This connection added to the complexity of the situation, as it suggested a potential financial link between the two firms.

In response to the report, Dave Lee denied any connection to Web3Port. He posted on X, formerly Twitter, stating that the report contained incorrect information about him and Aqua 1. Lee said he is in contact with the journalist involved to address the matter. The foundation also released a public statement, asserting that it operates independently and holds no financial, equity, or operational ties with unrelated entities. However, neither the foundation nor Lee provided detailed clarification on the specific claims made in the report. Lee also stated he had left his prior employer earlier this year due to strategic disagreements, but he did not name that employer in his post.