The ramifications of FTX’s demise extend beyond the Web3 and crypto ecosystems. According to Financial Times reports, the collapse of the once-reputable crypto exchange has had a severe impact on Miami nightclubs.
According to nightclub owners, young, nerdy crypto bros went from lavishly spending on champagne showers and purchasing $50,000 tables at clubs to disappearing completely from the nightlife scene.
The young, nouveau riche entrepreneurs walked around the clubs with their digital wallets out, bragging about how much money they were making. The Moxy Hotel group’s director of food and beverage, Andrea Vimercati, told the Financial Times:
“They were ordering 12 or 24 bottles of the most expensive champagne and just showering themselves without even drinking.”
However, the unexpected implosion of FTX, loss of funds, and decline in the value of cryptocurrencies have completely altered the Miami nightlife scene. Following the collapse of FTX, the young crypto entrepreneurs who once splurged in nightclubs appear to have vanished.
Many businesses and individuals have been impacted by the demise of FTX. On November 28, BlockFi announced that it had filed for Chapter 11 bankruptcy protection, blaming its problems on the collapse.
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