Aqua 1 Denies Web3port Links Amid Controversy

Aqua 1 Foundation has issued a statement addressing recent rumors about its team and operations. The statement clarified that Dave Lee joined Aqua 1 in April 2025 as a co-founder and CEO, and the team is fully aligned with the company's long-term vision. Aqua 1 emphasized its independence, stating that it has no equity, financial, or operational relationship with any unrelated entity. The team is currently collaborating with institutions in the Middle East to advance the project, although some details remain undisclosed due to compliance requirements.

Earlier reports had suggested that Aqua 1 had announced a strategic purchase of $1 billion WLFI tokens, claiming to be from the UAE. However, a subsequent investigation revealed that "Aqua 1" is actually a shell company associated with the controversial company Web3port. Web3port, a market maker, was banned by multiple decentralized exchanges in 2023 for suspected market manipulation. The true identity of its founder, "Dave Lee," remains unknown. "Aqua 1" is not registered in the UAE and has not disclosed any information about its responsible persons. Despite the funds being promoted for "digital freedom infrastructure," they were actually transferred through opaque wallets and offshore accounts with a direct connection to Web3port.

In response to these allegations, Aqua 1 has denied any association with Web3port, asserting that the team operates independently. This denial comes amidst growing scrutiny and controversy surrounding the true nature of Aqua 1's operations and its connections to Web3port. The statement from Aqua 1 aims to clarify its position and distance itself from the controversial activities of Web3port, emphasizing its commitment to transparency and compliance.

The denial by Aqua 1 is significant as it seeks to rebuild trust and credibility in the face of these allegations. The company's emphasis on its independence and alignment with its long-term vision suggests a strategic move to reassure stakeholders and the public about its legitimacy. The collaboration with institutions in the Middle East further underscores Aqua 1's efforts to advance its project, despite the challenges posed by the recent controversies.

The situation highlights the complexities and risks associated with the cryptocurrency and blockchain industry, where transparency and accountability are crucial. The denial by Aqua 1 serves as a reminder of the importance of due diligence and thorough investigation in assessing the legitimacy of entities operating in this space. As the industry continues to evolve, it is essential for companies to maintain high standards of transparency and compliance to build trust and credibility with stakeholders.