The crypto chips continue to fall. 

Kraken, one of the world’s largest crypto exchanges, is laying off about 30% of its headcount, or 1,100 people, “in order to adapt to current market conditions,” co-founder and CEO Jesse Powell said Wednesday, as reported on CNBC.

“Sam Bankman-Fried’s crypto empire (FTX) filed for bankruptcy on Nov. 28 and has shed several hundred employees in the restructuring process,” the article said. 

So what does this mean for the Sunshine State? South Florida, and Miami specifically had hung their hats on being the crypto capitol of the world. A sort of Wall Street of the South. But those dreams seem to be less tangible than crypto currency itself, as many large players in the market are going bankrupt, leaving a rippling effect on others. 

“But for Miami, it was a bet worth placing. Think of South Florida’s economic development model as resembling a venture capital portfolio. The VC model calls for making a lot of small bets with the understanding that many will fail, but a few winners will bring such exponential growth and extraordinary returns that that they will pay for the losers in spades,” writes Jonathan Levin in Bloomberg, as reported by the Washington Post

“The Wall Street South gambit, for instance, has paid off in recent years with the arrival of billionaire Ken Griffin’s firms Citadel and Citadel Securities. Blackstone Group Inc. has added hundreds of jobs in the Miami area, while Elliott Management Corp. recently moved to nearby West Palm Beach, developments that are not only big in their own right but will encourage other large firms to do the same.”

Still, don’t look at the arena where the Miami Heat play to be named the FTX Arena for long. That’s because the Heat plays in FTX Arena — and they’re only in the second season of a 20-year, $135 million naming rights deal, according to Celebrity Net Worth  and the article reports the team and the county that owns the arena are looking to get out of the deal.