{"investigation":{"slug":"web3port","entity_name":"Web3Port","trust_score":5,"severity_base":null,"score_modifier":0,"confidence":0.82,"status":"published","content_type":"investigation","summary":"Web3Port is a Hong Kong-registered crypto market-making and incubation firm alleged to have orchestrated the dumping of 66 million MOVE tokens one day after the Movement Labs token launch in December 2024, generating approximately $38 million in downward price pressure. Binance subsequently banned and froze the profits of the market-making account it associated with Web3Port, citing misconduct. A U.S. Department of Justice grand jury investigation into the MOVE token launch is ongoing as of 2026, and movement Labs — the project whose token Web3Port allegedly manipulated — filed for Chapter 11 bankruptcy in July 2026.","sections":[{"content":"Web3Port is described in industry reporting as a Hong Kong- and Shanghai-based crypto firm that operates as both a project incubator and a market maker. According to an analysis published by ChainCatcher citing industry insider AB Kuai Dong, Web3Port's alleged business model involves acquiring token allocations of 1–3% of supply from early-stage projects in exchange for incubation services — including project packaging, branding, and introductions to venture capital networks — and then monetizing those allocations through affiliated market-making activity. Industry sources allege that a market-making entity called Whisper operates as a related entity to Web3Port, forming what one analysis described as a 'complete pipeline from packaging financing to exit.' These allegations are attributed to third-party crypto industry commentary and have not been adjudicated.\n\nA Web3Port entity registered in the British Virgin Islands was subsequently renamed Aqua 1 GP Limited, according to corporate records reviewed by The New York Times (published August 9, 2026). Separately, a former head of Web3Port's UAE operations, Guren 'Bobby' Zhou, has been identified by the New York Times as the individual behind Aqua 1's $100 million purchase of World Liberty Financial (WLFI) tokens. Web3Port itself also announced a $10 million investment in World Liberty Financial shortly after Donald Trump's January 2025 inauguration. Aqua 1 has publicly denied having any financial, operational, or equity ties to Web3Port; the specific factual basis for that denial was not explained in its public statement.","heading":"Background and Corporate Structure","sources":[{"url":"https://www.chaincatcher.com/en/article/2171610","name":"ChainCatcher: Market Maker Operations Behind the Scenes — Full Operation Chain of a Coin Circle Harvester","type":"news_article","credibility":2},{"url":"https://financefeeds.com/former-web3port-uae-head-identified-as-figure-behind-aqua-1s-100-million-wlfi-investment/","name":"FinanceFeeds: Ex-Web3Port UAE Head Tied to Aqua 1's $100M WLFI Buy","type":"news_article","credibility":2},{"url":"https://www.theblock.co/news/regulation/2026-08-09-world-liberty-received-100-million-from-businessman-investigated-for-money-laundering-nyt-411221","name":"The Block: World Liberty Received $100 Million From Businessman Investigated for Money Laundering (NYT)","type":"news_article","credibility":2},{"url":"https://www.cryptopolitan.com/aqua1-denies-link-to-web3port/","name":"Aqua1 denies link to Web3Port — Cryptopolitan","type":"news_article","credibility":2}],"severity":"high"},{"content":"According to documents reviewed by CoinDesk and published on April 30, 2025, Movement Foundation entered into a market-making agreement that routed 66 million MOVE tokens — approximately 5% of the total token supply — through an intermediary entity called Rentech. Internal contracts reportedly showed Rentech appearing on both sides of the agreement simultaneously: once as an alleged subsidiary of Web3Port, and once as an agent of the Movement Foundation itself. Movement Labs later indicated it may have been misled about Rentech's actual relationship to Web3Port.\n\nOn December 9, 2024, the MOVE token launched on Binance. According to on-chain and exchange data cited in subsequent reporting, wallets linked to Web3Port began selling their MOVE position the following day — December 10, 2024 — with minimal offsetting buy orders, generating approximately $38 million USDT in realized proceeds. This selling activity has been described by reporting as creating approximately $38 million in downward price pressure on the token. Movement Labs subsequently launched an independent investigation, hired outside firm Groom Lake to review the events, and initiated a token buyback program.\n\nWhether the arrangement constituted fraud, breach of contract, or market manipulation has not been adjudicated by any court or regulatory body as of the date of this report. Movement Labs' position is that it may have been a victim of a deceptive arrangement; Web3Port has not issued a public statement responding to the allegations.","heading":"The MOVE Token Dump — Core Allegations","sources":[{"url":"https://www.coindesk.com/tech/2025/04/30/inside-movement-s-token-dump-scandal-secret-contracts-shadow-advisors-and-hidden-middlemen","name":"CoinDesk: Inside Movement's Token-Dump Scandal — Secret Contracts, Shadow Advisers and Hidden Middlemen","type":"news_article","credibility":2},{"url":"https://crypto.news/wlfi-linked-move-and-web3port-implicated-in-38m-token-dump-scandal/","name":"crypto.news: WLFI-linked MOVE and Web3Port implicated in $38m token dump scandal","type":"news_article","credibility":2},{"url":"https://blockworks.co/news/binance-movement-market-maker-investigation","name":"Blockworks: Movement Labs draws scrutiny following Binance's market maker investigation","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Binance announced that it had banned and frozen the profits of a market-making account it determined had engaged in misconduct in connection with the MOVE token listing. While Binance's public statements did not identify the account holder by name, multiple industry sources — including reporting by CoinDesk, BeInCrypto, and CryptoNinjas — identified the banned account as being connected to Web3Port. Binance reportedly delisted Web3Port from its platform on or around March 18, 2025.\n\nA separate Binance announcement in March 2025 disclosed that the exchange had also banned and seized the profits of a market maker found to have operated across multiple token launches simultaneously — specifically cited in connection with GoPlus Security (GPS) and MyShell (SHELL) tokens, in violation of exchange policies requiring market makers to maintain stable bid-ask spreads and avoid cross-project conflicts. Industry reporting, citing unnamed sources, alleged that the market maker responsible for GPS, SHELL, and MOVE misconduct was the same Web3Port entity, though Binance did not officially confirm this attribution across all three cases.","heading":"Binance Enforcement Action","sources":[{"url":"https://beincrypto.com/binance-bans-market-maker-move-project/","name":"BeInCrypto: Binance Freezes Profits of MOVE Market Maker Over Misconduct","type":"news_article","credibility":2},{"url":"https://www.cryptoninjas.net/news/binance-cracks-down-on-market-manipulation-bans-movement-move-project-market-maker/","name":"CryptoNinjas: Binance Cracks Down on Market Manipulation, Bans Movement MOVE Project Market Maker","type":"news_article","credibility":2},{"url":"https://beincrypto.com/binance-market-maker-ban-gps-shell/","name":"BeInCrypto: Binance Bans Mystery Market Maker for GPS and SHELL Over Misconduct","type":"news_article","credibility":2}],"severity":"critical"},{"content":"The U.S. Department of Justice has opened a grand jury investigation into the MOVE token launch, according to multiple reporting sources citing court filings. As of the date of this report, no indictment, charges, or findings have been issued in connection with the investigation, and it is not publicly known whether Web3Port, its principals, or any other specific entity is a target, subject, or witness in the grand jury proceedings.\n\nRushi Manche, the co-founder who was suspended and later separated from Movement Labs in May 2025, successfully sued Movement Labs in Delaware Chancery Court and secured advancement of legal fees connected to the DOJ grand jury investigation. Manche has not been charged with any crime. The fact of legal fee advancement does not constitute a finding of liability or wrongdoing by any party.","heading":"U.S. Department of Justice Grand Jury Investigation","sources":[{"url":"https://www.theblock.co/post/409151/ousted-founders-1-6-million-claim-tops-movement-labs-bankruptcy-filing","name":"The Block: Ousted Founder's $1.6 Million Claim Tops Movement Labs' Bankruptcy Filing","type":"news_article","credibility":2},{"url":"https://crypto.news/movement-labs-collapses-into-bankruptcy-token-scandals/","name":"crypto.news: Movement Labs collapses into bankruptcy after MOVE token scandals","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/policy/2026/07/21/movement-labs-files-for-chapter-11-months-after-token-scandal-and-strategic-overhaul","name":"CoinDesk: Movement Labs files for Chapter 11 months after token scandal","type":"news_article","credibility":2}],"severity":"high"},{"content":"Movement Labs (operating entity: MVMT Labs, Inc.) filed for Chapter 11 bankruptcy protection under Subchapter V on July 15, 2026, in the U.S. Bankruptcy Court for the District of Delaware. The filing reported estimated assets of between $100,001 and $500,000 against liabilities of up to $10 million, with approximately 299 creditors listed. The largest unsecured claim, totaling over $1.6 million, belongs to Rushi Manche. Other listed creditors include the Delaware Division of Revenue and digital asset custodian Anchorage Digital.\n\nMovement Labs had been valued at approximately $3 billion at peak before the MOVE token launch in December 2024. The MOVE token fell significantly from its all-time high in the months following the token dump allegations. Move Industries, a separate entity that succeeded Movement Labs as the core blockchain development company under CEO Torab Torabi, is not included in the bankruptcy filing and continues operations. Movement Labs' collapse is reported by multiple outlets as downstream of the token-dump scandal and associated exchange delistings; however, the precise causal chain between Web3Port's alleged conduct and the bankruptcy has not been established in any legal proceeding.","heading":"Movement Labs Bankruptcy and Token Price Collapse","sources":[{"url":"https://www.coindesk.com/policy/2026/07/21/movement-labs-files-for-chapter-11-months-after-token-scandal-and-strategic-overhaul","name":"CoinDesk: Movement Labs files for Chapter 11 months after token scandal","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/409151/ousted-founders-1-6-million-claim-tops-movement-labs-bankruptcy-filing","name":"The Block: Ousted Founder's $1.6 Million Claim Tops Movement Labs' Bankruptcy Filing","type":"news_article","credibility":2},{"url":"https://www.cryptotimes.io/2026/07/22/from-a-3b-valuation-to-bankruptcy-movement-labs-files-chapter-11/","name":"CryptoTimes: From a $3B Valuation to Bankruptcy — Movement Labs Files Chapter 11","type":"news_article","credibility":3}],"severity":"high"},{"content":"The New York Times reported on August 9, 2026 that Guren 'Bobby' Zhou — identified as a former head of Web3Port's UAE operations — is the individual behind Aqua 1, the entity that purchased $100 million in WLFI tokens. Corporate records reviewed by the Times showed a Web3Port entity registered in the British Virgin Islands was renamed Aqua 1 GP Limited; approximately two weeks after that renaming, Aqua 1 announced the WLFI investment.\n\nBritish authorities arrested Zhou in 2021 on suspicion of money laundering. According to the New York Times, British officials confirmed to the paper that the investigation remained active as of late July 2026. A court filing from November alleged that Zhou and five others participated in a money laundering operation dating to 2019. Two of Zhou's associates have been charged; one has pleaded guilty. A trial for charged defendants is scheduled for 2028. Critically, Zhou himself has not been charged with any crime as of the date of this report. The New York Times also noted it could not determine the source of the $100 million used in the WLFI purchase.\n\nThese allegations are based on reporting by the New York Times and are not adjudicated findings. Zhou did not respond to the Times' requests for comment.","heading":"Associated Individual: Guren 'Bobby' Zhou and UK Money Laundering Investigation","sources":[{"url":"https://www.cryptotimes.io/2026/08/10/trump-world-liberty-took-100m-from-investor-under-uk-laundering-probe/","name":"CryptoTimes: Trump's World Liberty Took $100M From Investor Under UK Laundering Probe","type":"news_article","credibility":2},{"url":"https://financefeeds.com/former-web3port-uae-head-identified-as-figure-behind-aqua-1s-100-million-wlfi-investment/","name":"FinanceFeeds: Ex-Web3Port UAE Head Tied to Aqua 1's $100M WLFI Buy","type":"news_article","credibility":2},{"url":"https://www.theblock.co/news/regulation/2026-08-09-world-liberty-received-100-million-from-businessman-investigated-for-money-laundering-nyt-411221","name":"The Block: World Liberty Received $100M From Businessman Investigated for Money Laundering (NYT)","type":"news_article","credibility":2}],"severity":"high"},{"content":"Industry analyst AB Kuai Dong, cited in ChainCatcher reporting, alleged that Web3Port is linked to May Liu (also known as Piaopiao), described as the co-founder of Spark Digital Capital, a Shanghai-based firm. The alleged operational model described by Kuai Dong and circulated in crypto industry commentary involves a chain from Spark Digital Capital's early token acquisition, through Web3Port's incubation activities, to market-exit via the Whisper market maker entity. Binance CEO Changpeng Zhao reportedly forwarded this disclosure article, though Binance has not officially confirmed the identity of any banned market maker as Web3Port or any affiliated individual.\n\nThese allegations are based on third-party industry commentary and social media reporting and have not been verified by regulatory findings or court proceedings. May Liu has not been publicly named in any regulatory action in connection with these allegations.","heading":"Alleged Associated Individuals and Firms","sources":[{"url":"https://www.chaincatcher.com/en/article/2171610","name":"ChainCatcher: Zhao Changpeng forwarded Kuai Dong's disclosure article about market maker Web3Port","type":"news_article","credibility":2},{"url":"https://followin.io/en/feed/16750426","name":"Followin: Behind the collapse of GPS and SHELL — a complete operation chain of a crypto harvester","type":"news_article","credibility":3}],"severity":"medium"},{"content":"Web3Port has not issued any public statement responding to the allegations of market manipulation, Binance's enforcement action, or the DOJ investigation. Binance did not officially name Web3Port in its public enforcement announcements. Aqua 1 issued a public denial on July 15, 2025, stating it has no financial, operational, or equity ties to Web3Port, though the denial did not address the specific corporate record evidence cited in subsequent reporting. Guren 'Bobby' Zhou did not respond to the New York Times' requests for comment.","heading":"Response and Denials","sources":[{"url":"https://www.cryptopolitan.com/aqua1-denies-link-to-web3port/","name":"Cryptopolitan: Aqua1 denies link to controversial market maker linked to MOVE token crash","type":"news_article","credibility":2}],"severity":"low"}],"timeline":[{"date":"2019-01-01","event":"According to a UK court filing cited by the New York Times, an alleged money laundering operation involving Guren 'Bobby' Zhou and five associates is said to have begun around this time. Zhou has not been charged.","source":"New York Times, via CryptoTimes","source_url":"https://www.cryptotimes.io/2026/08/10/trump-world-liberty-took-100m-from-investor-under-uk-laundering-probe/"},{"date":"2021-01-01","event":"British authorities arrested Guren 'Bobby' Zhou on suspicion of money laundering. Zhou was not charged and the investigation remained active as of July 2026, per UK officials cited by the New York Times.","source":"New York Times, via CryptoTimes","source_url":"https://www.cryptotimes.io/2026/08/10/trump-world-liberty-took-100m-from-investor-under-uk-laundering-probe/"},{"date":"2024-12-09","event":"MOVE token launched on Binance. Movement Foundation had previously entered a market-making agreement routing 66 million MOVE tokens through intermediary Rentech, linked to Web3Port.","source":"CoinDesk","source_url":"https://www.coindesk.com/tech/2025/04/30/inside-movement-s-token-dump-scandal-secret-contracts-shadow-advisors-and-hidden-middlemen"},{"date":"2024-12-10","event":"Wallets allegedly linked to Web3Port sold approximately 66 million MOVE tokens with minimal buy orders, generating approximately $38 million USDT in proceeds and significant downward price pressure on MOVE.","source":"CoinDesk; crypto.news","source_url":"https://crypto.news/wlfi-linked-move-and-web3port-implicated-in-38m-token-dump-scandal/"},{"date":"2025-01-01","event":"Web3Port wallet purchased approximately $20 million in WLFI tokens shortly after Trump's inauguration. Web3Port publicly announced a $10 million investment in World Liberty Financial.","source":"FinanceFeeds","source_url":"https://financefeeds.com/former-web3port-uae-head-identified-as-figure-behind-aqua-1s-100-million-wlfi-investment/"},{"date":"2025-03-09","event":"Binance announced the ban and profit seizure of a market maker found to have engaged in misconduct across multiple token listings, including GoPlus Security (GPS) and MyShell (SHELL). Industry reporting identified this as the same entity linked to Web3Port, though Binance did not confirm the name publicly.","source":"BeInCrypto","source_url":"https://beincrypto.com/binance-market-maker-ban-gps-shell/"},{"date":"2025-03-18","event":"Binance reportedly delisted Web3Port's market-making account and froze related profits in connection with the MOVE token misconduct.","source":"BeInCrypto; CryptoNinjas","source_url":"https://beincrypto.com/binance-bans-market-maker-move-project/"},{"date":"2025-04-30","event":"CoinDesk published an investigation revealing the dual-sided Rentech agreement, the shadow adviser structure, and the sequence of events surrounding the 66 million MOVE token allocation and subsequent dump.","source":"CoinDesk","source_url":"https://www.coindesk.com/tech/2025/04/30/inside-movement-s-token-dump-scandal-secret-contracts-shadow-advisors-and-hidden-middlemen"},{"date":"2025-05-02","event":"Movement Labs suspended co-founder Rushi Manche following Coinbase's delisting of MOVE and the widening token-dump scandal.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2025/05/02/movement-labs-suspends-rushi-manche-after-coinbase-delists-move-token"},{"date":"2025-06-01","event":"An Aqua 1 wallet purchased approximately $80 million in WLFI tokens, bringing the combined Web3Port/Aqua 1 investment in WLFI to approximately $100 million.","source":"FinanceFeeds","source_url":"https://financefeeds.com/former-web3port-uae-head-identified-as-figure-behind-aqua-1s-100-million-wlfi-investment/"},{"date":"2025-07-15","event":"Aqua 1 publicly denied having financial, operational, or equity ties to Web3Port, following reporting that linked the two entities through corporate records and shared infrastructure.","source":"Cryptopolitan","source_url":"https://www.cryptopolitan.com/aqua1-denies-link-to-web3port/"},{"date":"2026-07-15","event":"MVMT Labs, Inc. (Movement Labs) filed for Chapter 11 bankruptcy under Subchapter V in the U.S. Bankruptcy Court for the District of Delaware, reporting assets of $100,001–$500,000 and liabilities up to $10 million.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2026/07/21/movement-labs-files-for-chapter-11-months-after-token-scandal-and-strategic-overhaul"},{"date":"2026-08-09","event":"The New York Times published an investigation identifying Guren 'Bobby' Zhou as the figure behind Aqua 1 and linking him to Web3Port's former UAE operations, a UK money laundering arrest in 2021, and an ongoing British investigation.","source":"New York Times, via The Block and CryptoTimes","source_url":"https://www.theblock.co/news/regulation/2026-08-09-world-liberty-received-100-million-from-businessman-investigated-for-money-laundering-nyt-411221"}],"sources_used":[{"url":"https://www.coindesk.com/tech/2025/04/30/inside-movement-s-token-dump-scandal-secret-contracts-shadow-advisors-and-hidden-middlemen","name":"CoinDesk: Inside Movement's Token-Dump Scandal — Secret Contracts, Shadow Advisers and Hidden Middlemen","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/policy/2026/07/21/movement-labs-files-for-chapter-11-months-after-token-scandal-and-strategic-overhaul","name":"CoinDesk: Movement Labs files for Chapter 11 months after token scandal","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/markets/2025/05/02/movement-labs-suspends-rushi-manche-after-coinbase-delists-move-token","name":"CoinDesk: Movement Labs Suspends Rushi Manche Amid Coinbase Delisting, Token-Dumping Scandal","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/409151/ousted-founders-1-6-million-claim-tops-movement-labs-bankruptcy-filing","name":"The Block: Ousted Founder's $1.6 Million Claim Tops Movement Labs' Bankruptcy Filing","type":"news_article","credibility":2},{"url":"https://www.theblock.co/news/regulation/2026-08-09-world-liberty-received-100-million-from-businessman-investigated-for-money-laundering-nyt-411221","name":"The Block: World Liberty Received $100M From Businessman Investigated for Money Laundering (NYT)","type":"news_article","credibility":2},{"url":"https://beincrypto.com/binance-bans-market-maker-move-project/","name":"BeInCrypto: Binance Freezes Profits of MOVE Market Maker Over Misconduct","type":"news_article","credibility":2},{"url":"https://beincrypto.com/binance-market-maker-ban-gps-shell/","name":"BeInCrypto: Binance Bans Mystery Market Maker for GPS and SHELL Over Misconduct","type":"news_article","credibility":2},{"url":"https://www.cryptoninjas.net/news/binance-cracks-down-on-market-manipulation-bans-movement-move-project-market-maker/","name":"CryptoNinjas: Binance Cracks Down on Market Manipulation, Bans Movement MOVE Project Market Maker","type":"news_article","credibility":2},{"url":"https://blockworks.com/news/movement-rushi-manche-suspension-market-maker-web3port","name":"Blockworks: Movement's Rushi Manche Faces Suspension Amid Market Maker Controversy","type":"news_article","credibility":2},{"url":"https://crypto.news/wlfi-linked-move-and-web3port-implicated-in-38m-token-dump-scandal/","name":"crypto.news: WLFI-linked MOVE and Web3Port implicated in $38m token dump scandal","type":"news_article","credibility":2},{"url":"https://crypto.news/movement-labs-collapses-into-bankruptcy-token-scandals/","name":"crypto.news: Movement Labs collapses into bankruptcy after MOVE token scandals","type":"news_article","credibility":2},{"url":"https://financefeeds.com/former-web3port-uae-head-identified-as-figure-behind-aqua-1s-100-million-wlfi-investment/","name":"FinanceFeeds: Ex-Web3Port UAE Head Tied to Aqua 1's $100M WLFI Buy","type":"news_article","credibility":2},{"url":"https://www.cryptotimes.io/2026/08/10/trump-world-liberty-took-100m-from-investor-under-uk-laundering-probe/","name":"CryptoTimes: Trump's World Liberty Took $100M From Investor Under UK Laundering Probe","type":"news_article","credibility":2},{"url":"https://www.cryptopolitan.com/aqua1-denies-link-to-web3port/","name":"Cryptopolitan: Aqua1 denies link to controversial market maker linked to MOVE token crash","type":"news_article","credibility":2},{"url":"https://www.chaincatcher.com/en/article/2171610","name":"ChainCatcher: Market Maker Operations Behind the Scenes — Full Operation Chain of a Coin Circle Harvester","type":"news_article","credibility":2},{"url":"https://followin.io/en/feed/16750426","name":"Followin: Behind the collapse of GPS and SHELL — a complete operation chain of a crypto harvester","type":"news_article","credibility":3},{"url":"https://www.cryptotimes.io/2026/07/22/from-a-3b-valuation-to-bankruptcy-movement-labs-files-chapter-11/","name":"CryptoTimes: From a $3B Valuation to Bankruptcy — Movement Labs Files Chapter 11","type":"news_article","credibility":3},{"url":"https://blockworks.co/news/binance-movement-market-maker-investigation","name":"Blockworks: Movement Labs draws scrutiny following Binance's market maker investigation","type":"news_article","credibility":2}],"source_tags":[],"addresses":[],"reviewed":false,"reviewed_by":null,"model_used":"claude-sonnet-4-6","created_at":"2026-08-29T23:10:23.719304+00:00","updated_at":"2026-08-29T23:10:33.731+00:00"}}