Brock Pierce, the co-founder of controversial ‘stablecoin’ Tether, is suing his former business partner Joseph Lipsey III over control of the W resort in Puerto Rico, according to reporting from Bloomberg.
Pierce originally acquired a majority stake in the hotel in 2021. He then took a line of credit from Lipsey III, who made his fortune in trucking, to buy out the other owners.
The Tether founder’s complaint alleges that Lipsey III seized the hotel after Pierce missed a deadline to complete the transaction, a fact Pierce denies. The New York Post details how the lawsuit claims this default was manufactured to “outright steal” the property in question.
Pierce and Lipsey’s son, Joseph Lipsey IV, are both producers on the new movie Christmas Eve in Miller’s Point.
Pierce’s former partner Lipsey pled guilty to curious charges
Lipsey IV and both his parents were previously charged with allegations that the family would throw parties at their house and distribute cocaine to minors. The cocaine-related charges were eventually dropped, but they pled guilty to lesser charges including reckless endangerment and providing alcohol to minors.
After resolving the charges, Lipsey III made clear that “I’ve really been counseled not to say this, but I thought it was a rite of passage just because of the way I grew up.”
Several months before this party, Lipsey IV had been charged with vehicular assault after driving his Tesla into a river and injuring several passengers.
Following these incidents, the Lipseys decided to move to Puerto Rico, and it was there that they reportedly became close to Pierce.
Pierce once promised to give away 1 billion dollars
Pierce used to claim to be a billionaire, even promising at one point to give away $1 billion using a decentralized autonomous organization (DAO).
At press time, Pierce has not followed through on this plan. It’s not entirely clear if he ever had the funds in the first place. In a 2017 interview, he expressed his views on his own wealth and the products he creates, saying, “I don’t care about money, if I need money, I just make a token.”
Pierce, who faced accusations of sexual abuse in a since-dropped lawsuit, has often found himself associated with lurid individuals with a history of inappropriate behavior around minors. He spoke at the Jeffrey Epstein-organized conference Mindshift mere months after Epstein had finished his sentence. Pierce and Epstein reportedly talked several more times to discuss cryptocurrency, though a representative of Pierce claimed to The Hollywood Reporter that he was unaware of who Epstein was.