TechFlow reported on March 9 that CZ shared an exposé by crypto blogger Kuai Dong (@_FORAB) revealing Web3Port, a market maker linked to May Liu and her team. The article uncovered a "Binances listing brokerage pipeline" involving Spark Digital Capital, Web3Port, and Whisper—forming a complete chain for project packaging, fundraising, and exit strategies.
According to the report, Spark Digital Capital initially operated under the guise of a venture capital firm but in reality obtained free tokens through outsourced market-making and financial advisory (FA) services. It later transformed into an incubator called Web3Port, offering early-stage projects branding and VC introductions in exchange for 1–3% of their token allocations. Finally, the team established Whisper, a market-making firm that ostensibly provided liquidity but in fact created exit opportunities for its own accumulated tokens, leaving retail investors on Binance to bear the losses.
Kuai Dong added that the revelations emerged from Binance's internal investigations, rather than leaks about insider dealings or direct bribery for listings. Previous reports indicated Binance had delisted GPS and SHELL due to violations involving unauthorized market-making activities. Kuai Dong later revealed on social media that the passive market maker involved was GSR, while the active market maker was the Shanghai-based team Web3Port.
