In 2022, the cryptocurrency exchange FTX collapsed into bankruptcy due to systemic fraud, embezzlement, and speculative manipulation by its founder, Sam Bankman-Fried. This event triggered a significant crash in the crypto market, leading to substantial financial losses for investors and raising concerns about the lack of regulation in the cryptocurrency space. The FTX collapse has prompted calls for more stringent oversight and regulation of digital currencies.

The collapse of FTX and the crypto market crash in 2022 prompted contemporary digital poets to explore themes of algorithmic wealth and the commodification of trust. This event inspired poets like Kaveh Akbar to reflect on the ephemeral nature of virtual currencies and the hubris of modern financial systems.