Aqua1 Basis claimed it operates independently in response to journalist Jacob Silverman’s report, which recommended potential ties to controversial market maker Web3Port, however left vital questions unanswered.
On Monday, Silverman revealed his investigation that claims to have discovered connections between Aqua1 Basis and Web3Port by shared website hosting and overlapping personnel. The reporter added that Aqua1’s founder, who goes by Dave Lee on X, is definitely David Li, whose profile on outreach platform ContactOut lists him as a companion and senior mission supervisor at Web3Port.
Aqua1 Basis got here underneath the highlight in late June after it bought $100 million price of governance tokens from World Liberty Monetary, a crypto mission backed by US President Donald Trump and his household. The investigation raised issues that the entity supporting the president’s DeFi initiative might have ties to Web3Port, a agency accused of manipulating cryptocurrency costs.
Lee tried to distance himself from Web3Port, stating that he stepped away from his former function at his “earlier employer” resulting from “elementary variations in imaginative and prescient and technique.” Nevertheless, he hasn’t explicitly denied that he’s David Li or that Aqua1 is by some means linked to Web3Port.
Cointelegraph didn’t obtain a response from Aqua1 by the point of publication.
Aqua1 maneuvers round Web3Port connection allegations
Silverman is a journalist identified for his essential reporting on Trump and his ties to the cryptocurrency business. Final week, he revealed an article in The Nation titled: Does Trump’s Largest Crypto Backer Actually Exist? It raised doubts in regards to the legitimacy of Aqua1 Basis, which lately dedicated $100 million to World Liberty Monetary.
Silverman reported that Aqua1’s public footprint consists of little greater than a imprecise web site, suspended social media accounts and a determine identified solely as “Dave Lee.” In a follow-up investigation on his private website, Silverman reported Lee is David Li of Web3Port by analyzing LinkedIn data and previous convention appearances.
Following publication, Aqua1 issued an announcement on X claiming it “operates independently and has no fairness, monetary or operational ties to any unrelated entity,” and warned it could pursue authorized motion towards defamatory or factually incorrect reporting. Whereas the assertion appeared to disclaim ties to Web3Port, it didn’t point out the agency by identify — nor did it handle whether or not Web3Port qualifies as a associated entity.
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One in all Silverman’s key findings was that Aqua1 and Web3Port shared the identical server IP handle, together with a number of different crypto-linked domains. Aqua1 initially ignored this level. Later, when pressed on social media, Lee responded, claiming Aqua1 has “no ties to in anyway different workforce or entity.”
“The shared IP was merely resulting from transitional internet hosting in the course of the early stage. I introduced over the CTO and core IT member after I left,” Lee wrote on X.
Aqua1 responds to Silverman however not the place it issues
Silverman informed Cointelegraph that he reached out to Aqua1 on July 2 as a part of his reporting for The Nation article, however acquired no response till after the article on his personal web site was revealed.
“After many makes an attempt to achieve Dave, his colleagues and WLF, I did get an e mail final evening,” he mentioned in a direct message trade. “It didn’t comprise any denials — in any respect — or present any readability on the specifics of my reporting.”
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In a screenshot of the e-mail Silverman says he acquired, Lee outlined ongoing developments in stablecoins, real-world property and Center East initiatives. The message said that sure particulars have been topic to regulatory and compliance restrictions and couldn’t but be disclosed publicly.
“That mentioned, if there are any particular factors you’d wish to make clear, we’re pleased to do our greatest to offer factual data and help correct reporting. We worth constructive dialogue and are open to ongoing engagement,” the e-mail screenshot reads.
Notably, Lee didn’t handle whether or not he is identical David Li affiliated with Web3Port.
Aqua1’s promise of transparency to be examined
Aqua1 has but to immediately handle probably the most urgent claims raised by Silverman’s investigation — specifically, the id of its founder and the importance of the shared infrastructure and personnel hyperlinks. Its assertion emphasizes independence from “unrelated entities” however avoids the core query: whether or not or not Web3Port is said.
Lee’s clarification that the shared IP handle was the results of transitional internet hosting and that he introduced over key IT employees might provide partial context, however does little to make clear his personal id or the true origins of Aqua1. The dearth of transparency solely fuels skepticism, particularly given the size of its funding in a crypto mission tied to the US president.
Till Aqua1 gives concrete solutions about its management, affiliations and company registration, scrutiny from the media is unlikely to subside.
Following the corporate’s e mail response, Silverman mentioned he adopted up with two direct questions: whether or not David Lee is identical particular person as David Li of Web3Port and whether or not Web3Port has any connection to Aqua1 Basis.
As of publication, Aqua1 has not addressed both query, together with in response to Cointelegraph’s inquiry.
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