Market maker Web3Port's connection to Aqua 1 has been disputed, with Aqua 1 denied the association cited in a recent report.
In a recent investigation, it has been suggested that Dave Lee, co-founder of the Aqua 1 Foundation, may be connected to David Jia Hua Li, a key figure at Web3Port. However, both Aqua 1 and Web3Port have vehemently denied any such connection.
Evidence supporting the allegation includes the claim that Dave Lee and David Jia Hua Li might be the same person, based on overlapping professional backgrounds and network activity. Investigative journalist Jacob Silverman noted that both profiles indicate a Chinese-Brazilian NYU graduate with a finance background. Another piece of evidence is the shared AWS server between Aqua 1’s website and Web3Port, which has raised concerns about potential coordination or shared control. Furthermore, Dave Lee had represented Web3Port as an "acceleration partner" at crypto events in 2023.
Despite these claims, Aqua 1 Foundation has denied any connections to Web3Port, stating that it operates independently with no equity, financial, or operational ties to any unrelated entities. Aqua 1 emphasised its work with Middle Eastern institutions and its recent $100 million investment in WLFI tokens, highlighting its independent operations. Web3Port itself has also clarified that it has no connection with Aqua 1 and has not been banned by any exchange, contrary to some reports.
Web3Port, a Hong Kong market-making firm, has faced controversy this year after being banned from several platforms for selling large volumes of MOVE tokens tied to Movement Labs. The MOVE Token is tied to Movement Labs, a project that received funding from World Liberty Financial, the same firm that sold Aqua 1 $100 million worth of crypto tokens.
Dave Lee, in a public statement on X (formerly Twitter), denied any connection to Web3Port. He also stated that he left his prior employer this year due to strategic disagreements but did not name the employer. Another individual connected to both Aqua 1 and China National Petroleum Corporation, Peter Li, deactivated his LinkedIn account after being contacted.
The report by The Block alleges a leadership link between Aqua 1 co-founder Dave Lee and Web3Port’s David Jia Hua Li. The report suggests that both Dave Lee and David Jia Hua Li are the same person based on event records, social media traces, and overlapping network activity. Another website, BlockRock, was listed on the same server, and Lee has been publicly linked to BlockRock.
However, it's important to note that neither the foundation nor Dave Lee provided detailed clarification on the specific claims made in the report. Web3Port has been accused of market manipulation, but it has not commented on these allegations.
In conclusion, while there are claims and circumstantial evidence linking Dave Lee to Web3Port, both Aqua 1 and Web3Port deny any connection. The investigation into these allegations continues.
- The crypto investment landscape has been shook by recent allegations suggesting a potential connection between Dave Lee, co-founder of Aqua 1 Foundation, and David Jia Hua Li of Web3Port.
- The shared AWS server between Aqua 1’s website and Web3Port, overlapping professional backgrounds, and network activity are some pieces of evidence supporting this claim.
- Despite these allegations, both Aqua 1 and Web3Port have denied any such connection, emphasizing their independence in finance, technology, and business operations.
- Meanwhile, Web3Port, a Hong Kong market-making firm, has faced controversy this year, being banned from several platforms for selling large volumes of altcoins, including MOVE tokens tied to Movement Labs—a project that received funding from the same firm (World Liberty Financial) that invested $100 million in WLFI tokens, Aqua 1’s recent investment.
