According to a recent report by the New York Times, Tether co-founder Brock Pierce is currently mired in legal disputes with business partners.
The court records obtained by the outlet show that the famous entrepreneur's efforts to turn Puerto Rico into a crypto mecca were unsuccessful.
He is reportedly strapped for cash after being abandoned by business partners. Meanwhile, the locals are dissatisfied with Pierce's attempts to turn the Caribbean island into his personal playground.
Pierce, a former child actor, became wealthy as an early investor in various crypto projects, achieving a net worth of roughly $1 billion. He moved to Puerto Rico from the US because of the Act 60 tax break, which also attracted some other crypto enthusiasts.
Alex DovbnyaNow, he is engaged in various legal disputes related to various projects.
Pierce recently bought W Hotel, which is located on Vieques, a Caribbean island off Puerto Rico's eastern coast.
The resort, which used to be the main attraction on the island, was closed due to Hurricane Maria, a Category 5 hurricane that caused severe devastation in the Caribbean.
However, the hotel's revival hit a few major roadblocks with legal challenges and unpaid bills.
Mr. Lipsey, a logistics mogul who lent Pierce $4 million to buy the remaining part of the hotel, ended up seizing control of the W after accusing the Tether co-founder of violating the terms of their agreement. Pierce was accused of misappropriating funds by spending them on an extremely lavish party. Later, Mr. Lipsey also accused Pierce of attempting to kidnap him in another hotel. Pierce has denied these accusations. The parties are currently discussing a possible settlement.
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