Why is FTX founder in jail?

I'm quite surprised to learn that the founder of FTX is currently in jail. Could you please elaborate on the reasons behind this? As a leading figure in the cryptocurrency and finance industry, his arrest is sure to have a significant impact on the market. Was there any illegal activity involved, or was it due to some other reasons? Could you also provide an overview of the current situation in the crypto market, given this major development? I'm interested in understanding how this event might affect investors and the overall crypto ecosystem.