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

Market News

Aqua 1 has come under scrutiny following a significant $100 million token acquisition that triggered compliance concerns. The reason? The tokens may be linked to Web3Port, a platform that has already been banned for violating global compliance rules. This connection is drawing serious attention from regulators and the crypto world.

We’re not just talking about a routine crypto transaction. This deal opens up key questions about how banned entities are still finding their way into big trades. And how companies like Aqua 1 may unknowingly, or knowingly, get involved.

The timeline of the deal, the on-chain evidence, and the financial trails all suggest something deeper. It’s not only about one purchase. It’s about how tokens from banned platforms are moving through the system, unnoticed, until now.

Let’s break down the facts and understand what happened.

Aqua 1: Background and Operations

We know very little about Aqua 1. It claims to be a UAE-based foundation led by a “Dave Lee,” but no official UAE business registry lists it.
Chain records show Aqua 1 received 100 million USDT from OKX between March and June 2025. In early July, it transferred 80 million USDT to WLFI. That marks its single largest transaction to date.

Web3Port’s History and Ban Status

Web3Port served as a major liquidity partner for various tokens during 2022 and 2023. But decentralized exchanges banned it in 2023 after uncovering multiple cases of token dumping and price manipulation.
Its founder, “Dave Lee” or “David Li,” is nearly untraceable, using only an anime avatar and a sparse online footprint.

Breakdown of the $100M Token Transaction

Blockchain activity maps out the transaction:

  1. Aqua 1’s wallet receives 100M USDT.
  2. 80M USDT flows to WLFI governance tokens.
  3. Funds move through offshore, anonymous wallets.

Tech analysts also found that Aqua 1’s website and Web3Port domains are hosted on the same AWS server, pointing to a shared operational link.

If Aqua 1 is a front for Web3Port, then the $100M token purchase may violate anti‑market manipulation and compliance laws. Exchanges like Binance and Coinbase have previously delisted or blocked addresses linked to Web3Port.
U.S. regulators are tightening rules on market-makers and cross-border token flows, which could bring fresh scrutiny to this case.

Aqua 1’s Official Position

Aqua 1 insists it is independent and denies any link to Web3Port. It claims “Dave Lee” is not “David Li,” the market maker founder.
Web3Port also states it isn’t banned on any exchange and has no ties to Aqua 1.
Despite these denials, the AWS evidence and token trails remain deeply concerning.

Implications for the Web3 Industry

This case shows how banned actors rebrand and re-enter the system via shell entities.
We’re likely to see more calls for stricter KYC, AML, and domain ownership transparency in blockchain ventures.
It also raises an alarm on due diligence, especially around token provenance and fund origin.

Conclusion

Aqua 1’s $100 million purchase of WLFI tokens seems to have ties to the formerly banned market maker Web3Port.
On-chain trails and tech analysis cast doubt on the legitimacy of the transaction. This saga highlights how hidden networks and opaque wallets threaten the integrity of Web3.
As regulators and platforms step up compliance efforts, cases like this may shape the future of crypto oversight.

Disclaimer:

This content is for informational purposes only and not financial advice. Always conduct your research.