The unraveling of a crypto dream

On sun-drenched days in 2022, cryptocurrency entrepreneur Brock Pierce liked to take his friends sailing to the island of Vieques, about 75 miles from his home in Puerto Rico. Pierce wanted to show off a property that he described as “the most important passion in my life”: a once-glamorous beachside resort that he had recently bought for more than $15 million.

In its heyday, the resort, a W Hotel, boasted a 6,000-square-foot spa, restaurants run by a Michelin-starred chef and sweeping views of the ocean; it was a key source of tourism jobs in Vieques.