Miami nightclubs revealed that former cryptocurrency entrepreneurs used to spend a lot on champagne-filled bathtubs.
As cryptocurrency exchange companies such as FTX filed Chapter 11 bankruptcy and their digital currencies decrease in value, owners began to reminisce back on when they were young entrepreneurs who used the spaces and led luxurious lives.
Report from Financial TimesAndrea Vimercati from Moxy Hotel Group was the food and drink director. He told the outlet the entrepreneurs were making purchases. “12 or 24 bottles” The most expensive champagne “showered themselves” In it.
Sign upGet our weekly Indy100 newsletter for free
“They were booking tables for $50,000, and it was like, ‘Who the hell are these people?’” He said.
According to the director, most young men in that area had been a part of the gang. “kind of nerdy style” and that it wasn’t evident that they “had a lot of money.”
Gino LOPINTO, an operating partner of E11even nightclub in Miami, also spoke to The Financial Times. They said that crypto businessmen entered E11even club in June 2021 as a celebration for what they called a successful sale.
He said that 50 Cent had performed at the celebration, and they were able to enjoy bubbly in their bathtubs.
They spent more than $1m on it. “paid in crypto.”
LoPinto has been added “They had bathtubs of champagne brought out and gave 50 Cent a bunch of cash to throw,” LoPinto spoke.
E11even began accepting cryptocurrency payments in April 2021. LoPinto reported that $6 million of these transactions were processed between April and December 2018.
Fast forward to 2022 and crypto enthusiasts could feel the effects of FTX’s plummeting cryptocurrency exchange founded by Sam Bankman Fried.
After it became clear that Bankman-Fried was using customer funds to place risky bets on Alameda Research’s sister company, Alameda Research, earlier in the month, the company filed Chapter 11 bankruptcy.
FTC fell apart in shock. Bankman-Fried was valued at more than $15bn. “the next Warren Buffet.”
It also came as a surprise due to the company’s roster of influential people who cosigned it, including Tom Brady and Steph Curry.
Bankman Fried took to Twitter to address the bankruptcy filing. He apologised for the result.
“Hopefully, things can find a way to recover. Hopefully, this can bring some amount of transparency, trust, and governance to them.
“Ultimately, hopefully, it can be better for customers,” On November 11, he tweets.
Get involved in our democracy of news. You can click on the Upvote button at the top to raise the article in the ranks.