FTX Collapse Impacts Miami Nightclub Scene: Report
Young crypto entrepreneurs have gone from spending heavily on champagne showers to being noticeably absent from the nightclub scene.
New
The fallout from the FTX collapse extends beyond the Web3 and crypto ecosystem. Reports collected by the Financial Times suggest that Miami nightclubs have been negatively affected by the collapse of the once-reputable cryptocurrency exchange.
According to nightclub owners, young crypto-nerd brothers have gone from spending lavishly on champagne showers and buying $50,000 tables at clubs to disappearing from the nightlife scene altogether.< /p>
Andrea Vimercati, Director of Catering at Moxy Hotel Group, told the Financial Times: "They would order 12 or 24 bottles of the most expensive champagne and shower without even drinking." According to nightclub staff, young new rich entrepreneurs walked around the clubs pulling out their digital wallets and bragging about the money they were making.
However, FTX's unexpected implosion, loss of funds, and plummeting cryptocurrency values have completely changed the nightlife scene in Miami. Young crypto entrepreneurs who once splurged in nightclubs now seem noticeably absent following the collapse of FTX.
Gino LoPinto, operating partner of Miami nightclub E11even, shared that once his establishment started accepting cryptocurrency payments, it processed $6 million in transactions between April and December 2021. However, in the last three months, the club only saw around $10,000 in transactions.
Related:Collapse of FTX put Singapore government in the parliamentary hot seat
Since the collapse of FTX, many businesses and individuals have been affected. On November 28, BlockFi announced that it had filed for Chapter 11
Young crypto entrepreneurs have gone from spending heavily on champagne showers to being noticeably absent from the nightclub scene.
New
The fallout from the FTX collapse extends beyond the Web3 and crypto ecosystem. Reports collected by the Financial Times suggest that Miami nightclubs have been negatively affected by the collapse of the once-reputable cryptocurrency exchange.
According to nightclub owners, young crypto-nerd brothers have gone from spending lavishly on champagne showers and buying $50,000 tables at clubs to disappearing from the nightlife scene altogether.< /p>
Andrea Vimercati, Director of Catering at Moxy Hotel Group, told the Financial Times: "They would order 12 or 24 bottles of the most expensive champagne and shower without even drinking." According to nightclub staff, young new rich entrepreneurs walked around the clubs pulling out their digital wallets and bragging about the money they were making.
However, FTX's unexpected implosion, loss of funds, and plummeting cryptocurrency values have completely changed the nightlife scene in Miami. Young crypto entrepreneurs who once splurged in nightclubs now seem noticeably absent following the collapse of FTX.
Gino LoPinto, operating partner of Miami nightclub E11even, shared that once his establishment started accepting cryptocurrency payments, it processed $6 million in transactions between April and December 2021. However, in the last three months, the club only saw around $10,000 in transactions.
Related:Collapse of FTX put Singapore government in the parliamentary hot seat
Since the collapse of FTX, many businesses and individuals have been affected. On November 28, BlockFi announced that it had filed for Chapter 11
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