Aqua 1 Linked to Banned Market Maker Web3Port in $100M Token Purchase

A recent investigation has revealed that Aqua 1, which previously announced a strategic purchase of $100 million worth of WLFI tokens, is actually a shell company associated with the controversial market maker Web3Port. This revelation comes after Aqua 1 claimed to be based in the UAE and aimed to promote "digital freedom infrastructure." However, the funds were transferred through opaque wallets and offshore accounts, directly linked to Web3Port.

Web3Port, a market maker, was banned by multiple decentralized exchanges in 2023 due to suspected market manipulation. The true identity of its founder, "Dave Lee," remains unknown, adding to the mystery surrounding the company. Aqua 1, which is not registered in the UAE and lacks publicly available leadership information, has been found to be the liquidity provider for Web3Port.

Earlier, Aqua 1 had announced plans to establish an Aqua Fund in the Middle East and co-incubate the RWA tokenization platform BlockRock with WLFI. The strategic purchase of $100 million in WLFI tokens was intended to participate in the governance of the decentralized financial platform and accelerate the development of the blockchain financial ecosystem. However, the recent revelation has cast doubt on the legitimacy of these plans and the true intentions behind the purchase.

This development raises significant concerns about the transparency and integrity of the blockchain and cryptocurrency ecosystem. The use of shell companies and opaque financial transactions undermines trust in the industry and highlights the need for stricter regulations and oversight. As the investigation continues, it remains to be seen how this revelation will impact the future of Aqua 1, Web3Port, and the broader cryptocurrency market.