Aqua 1’s headline-grabbing claim of acquiring $100 million worth of WLFI tokens faces mounting skepticism following revelations about its connection to controversial market maker Web3port.
Industry investigators uncovered that Aqua 1 operates as a shell entity for Web3port, contrary to its representations linking the transaction to UAE interests. This association carries significant reputational risk given Web3port’s history of regulatory sanctions.
Decentralized exchanges imposed broad bans on Web3port in 2023 following conclusive evidence of systematic market manipulation tactics. The firm’s founder, Dave Lee, remains conspicuously absent from industry circles with virtually no verifiable professional history available.
Registration documents contradict Aqua 1’s official statements regarding its legitimacy and corporate status. Examinations of commercial registries show Aqua 1 remains unregistered despite assertions made during announcement of the WLFI token acquisition.