Tether co-founder Brock Pierce's hotel project in Puerto Rico is embroiled in legal disputes

ChainCatcher news, according to a report by u.today citing The New York Times, Tether co-founder Brock Pierce is currently embroiled in a legal dispute with business partners. Pierce acquired the W Hotel on Vieques Island, a Caribbean island off the east coast of Puerto Rico. The resort was once a major attraction on the island but was closed due to severe damage caused by a Category 5 hurricane in the Caribbean. However, the hotel's revival has faced significant obstacles, including legal challenges and unpaid bills.

It is reported that logistics magnate Lipsey lent Pierce $4 million to help him purchase the remaining portion of the hotel, but after accusing Pierce of breaching the terms of the agreement, Lipsey ultimately seized control of the W Hotel. Pierce has been accused of misappropriating funds and hosting an extremely lavish party. Later, Lipsey also accused Pierce of attempting to kidnap him at another hotel. Pierce has denied these allegations. Both parties are currently discussing possible settlement options.

Reports indicate that Pierce has fallen into financial trouble after being abandoned by his business partners, and local Puerto Ricans are dissatisfied with Pierce's attempts to turn the Caribbean island into his private playground. The media commented, "The efforts of this prominent entrepreneur to turn Puerto Rico into a cryptocurrency haven have not been successful."