Miami nightclub owners are facing slumping sales and dwindling revenue as the crypto rich are veer away from entertainment venues amid the recent collapse of FTX and the broader crypto market downturn. 

According to a new report from the Financial Times,  crypto entrepreneurs who spent big at Miami nightclubs by renting an entire venue for a whole evening have gone quiet. 

“Out of the blue, all these kids from crypto started coming down and spending a lot of money — like, an insane amount of money,” said Andrea Vimercati, director of food and beverage at Moxy Hotel group. “They were booking tables for $50,000, and it was like, who the hell are these people."

(By Ruholamin Haqshanas)