Brock Pierce, co-founder of stablecoin Tether, has launched a legal battle against his former partner Joseph Lipsey. The focus of the conflict is over control of a resort in Puerto Rico, an investment that Pierce says he purchased in 2021.
As Bloomberg reports, the dispute arises after a loan from Lipsey, who made his fortune in the trucking industry, allowed Pierce to buy out the hotel’s other owners.
The lawsuit filed by Pierce alleges that Lipsey took control of the hotel after allegedly missing a deadline to complete the transaction, an accusation that Pierce denies.
The New York Post reported that Pierce accuses Lipsey of fabricating this default as a ploy to “outright steal” the property.
The situation becomes more complex as the family ties in the company increase. Joseph Lipsey IV, son of Pierce and Lipsey, is serving as a producer on the film “Christmas Eve in Miller’s Point.”
Interestingly, Lipsey and his family previously faced charges related to hosting parties at their home where they allegedly distributed cocaine to minors.
Although the cocaine-related charges were later dropped, they pleaded guilty to lesser charges, including reckless endangerment and furnishing alcohol to minors.
Additionally, months before the episode, Lipsey was charged with assault after driving his Tesla into a river, injuring several passengers. After these incidents, the Lipsey family decided to move to Puerto Rico, where they became close with Pierce.
In the past, Pierce has publicly pledged to donate $1 billion through a decentralized autonomous organization (DAO). However, to date, the plan has not been implemented and there are doubts about Pierce’s actual financial capacity to do so.
In a 2017 interview, he expressed a detached view of money, stating: “It’s not about money for me, if I need money, I just get a token.”
Pierce also faced sexual abuse allegations in a cold case and was often linked to controversial figures such as Jeffrey Epstein and Steve Bannon.
He attended a conference organized by Epstein and worked with Bannon on previous projects, including a failed Senate bid.
The legal battle involving Tether’s co-founder, the dispute over the luxury resort in Puerto Rico and the connections to controversial figures highlight the complicated relationships and challenges that famous personalities face in the world of cryptocurrencies.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
