Aqua 1 Rejects Report Linking It to Banned Market Maker Web3Port

Aqua 1 Foundation denies any affiliation with Web3Port amid a report linking its co-founder to the banned firm.

The report claims Aqua 1's Dave Lee is actually David Li of Web3Port based on event records and server data.

Aqua 1 says it operates independently and has no financial or operational ties to any unrelated entity.

Aqua 1 Foundation, a United Arab Emirates-based crypto investment fund, has rejected claims tying it to Web3Port, a Hong Kong market-making firm previously banned from multiple exchanges. The dispute follows a report that questioned Aqua 1’s leadership and its recent $100 million token acquisition from World Liberty Financial.

Report Alleges Leadership Link to Web3Port

According to a report by The Block, independent journalist Jacob Silverman published a report connecting Aqua 1 co-founder Dave Lee to Web3Port’s David Jia Hua Li. Silverman stated that both names belong to a Chinese-Brazilian NYU graduate with a background in finance. He added that Lee had represented Web3Port as an “acceleration partner” at crypto events in 2023.

According to the report, Silverman linked Lee to Li using event records and social media traces. He claimed Peter Li, another individual connected to both Aqua 1 and China National Petroleum Corporation, deactivated his LinkedIn account after being contacted. Silverman said both profiles had overlapping network activity, strengthening his claim that Lee and Li are the same person.

Shared Server and Site Ownership Questions Raised

Silverman also stated that Aqua 1’s website is hosted on the same AWS server as Web3Port. Another website, BlockRock, was listed on the same server. Lee has previously been publicly linked to BlockRock, which focuses on tokenized real-world assets. These server links raised further concerns about potential coordination or shared control between the entities.

Web3Port has faced accusations of market manipulation. 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.

Aqua 1 Denies Association and Responds Publicly

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. It said 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. He did not name that employer in his post.