CZ Retweets Alleged Misconduct by Liquidity Provider Web3Port Whistleblower Tweet

BlockBeats News, March 9th, CZ retweeted Kuai Dong (@_FORAB) disclosing article about Web3Port, which stated:

Key figure May Liu and her team from Web3Port have established a "Binance-onboarding broker pipeline" from Spark Digital Capital to Web3Port, and then to Whisper.

Initially, Spark operated under the guise of a VC, actually relying on outsourced market making and FA business to have VC-invested projects, while they received free tokens. After the industry frenzy in 2021 and 2022, project teams were no longer willing to give away tokens for free. They shifted to an incubator model, establishing Web3Port to provide project packaging and VC connections in exchange for 1-3% of tokens.

However, relying solely on the incubator was not profitable. Therefore, they established the liquidity provider Whisper, using liquidity provision as a facade to create an exit window for the free tokens they held. Ultimately, this system became a complete pipeline from packaged funding to exit, with Binance retail investors becoming the ultimate buyers.

Prior to this news, Kuai Dong stated that GSR is the passive market maker for GPS and SHELL, while Web3port is the active market maker.