On July 15, Beincrypto reported that Aqua 1, which had claimed a $100 million acquisition of WLFI tokens linked to the UAE, is in fact a shell entity connected to the contentious firm Web3port. Web3port, known as a market maker, faced bans from several decentralized exchanges in 2023 due to allegations of market manipulation. The company’s founder, Dave Lee, remains largely unknown. Contrary to Aqua 1’s assertions, it is not registered in the UAE and lacks transparent ownership details.
The funds, initially promoted as supporting digital freedom infrastructure, were routed through non-transparent wallets and offshore accounts, revealing direct ties to Web3port. Earlier announcements highlighted Aqua 1’s intention to purchase WLFI governance tokens from the Trump family’s World Liberty Financial project to influence platform governance and foster blockchain financial innovation. Furthermore, Aqua 1 aimed to launch the Aqua Fund in the Middle East and collaborate on the BlockRock RWA tokenization initiative alongside WLFI.