According to PANews, Brock Pierce, co-founder of Tether, is currently embroiled in a legal dispute with a business partner. Pierce acquired the W Hotel on Vieques Island, located off the east coast of Puerto Rico. The resort, once a major attraction on the island, was closed following severe damage caused by a Category 5 hurricane. However, efforts to revive the hotel have faced significant obstacles, including legal challenges and unpaid bills.
Logistics magnate Lipsey reportedly lent Pierce $4 million to help purchase the remaining part of the hotel. After accusing Pierce of breaching the terms of their agreement, Lipsey ultimately took control of the W Hotel. Pierce has been accused of misappropriating funds and hosting an extravagant party. Additionally, Lipsey has accused Pierce of attempting to kidnap him at another hotel, allegations that Pierce denies. Both parties are currently discussing a potential settlement.
Reports indicate that Pierce has faced financial difficulties after being abandoned by his business partners. Local residents in Puerto Rico have expressed dissatisfaction with Pierce's attempts to turn the Caribbean island into his private playground. The media has commented that Pierce's efforts to transform Puerto Rico into a cryptocurrency haven have not been successful.