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

According to a report by The New York Times cited by u. today, Tether co-founder Brock Pierce is currently embroiled in a legal dispute with his business partners. Pierce acquired the W Hotel located on the Caribbean island of Vieques on the east coast of Puerto Rico. The resort used to be the main attraction on the island, but was closed due to a Category 5 hurricane that caused severe damage to the Caribbean region. However, the revival of the hotel has encountered significant obstacles such as legal challenges and unpaid bills. It is reported that logistics tycoon Lipsey lent Pierce $4 million to help him purchase the remaining portion of the hotel, but after accusing Pierce of violating the terms of the agreement, Lipsey ultimately seized control of W Hotel. Pierce was accused of embezzling funds and hosting an extremely luxurious party. Later, Lipsey also accused Pierce of attempting to kidnap him at another hotel. Pierce denied these accusations. Both parties are currently discussing possible settlement plans. According to reports, Pierce has fallen into financial difficulties after being abandoned by business partners, and Puerto Rican locals are dissatisfied with Pierce's attempt to turn the Caribbean island into his private amusement park. The media commentary stated that "this famous entrepreneur's efforts to turn Puerto Rico into a cryptocurrency holy land have not been successful.