Tether co-founder Brock Pierce is currently embroiled in a legal dispute with a business partner. Pierce acquired the W Hotel on Vieques, 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 a Category 5 hurricane that wreaked havoc in the Caribbean. However, the hotel's revival has been hampered by significant obstacles such as legal challenges and unpaid bills. Logistics mogul Lipsey is understood to have lent Pierce $4 million to help him buy the rest of the hotel, but after accusing Pierce of violating the terms of the agreement, Lipsey eventually seized control of the W hotel. Pierce is accused of embezzling funds and throwing an extremely luxurious party. Later, Lipsey also accused Pierce of trying to kidnap him at another hotel. Pierce denies the allegations. The two sides are currently discussing a possible settlement. According to the report, Pierce was in financial trouble after being abandoned by business partners, while Puerto Rican locals were unhappy with Pierce's attempt to turn the Caribbean island into his private playground. The media commented that "the famous entrepreneur's efforts to turn Puerto Rico into a cryptocurrency mecca have not been successful".