What happened with FTX for dummies?

Hey, I'm sort of new to the world of cryptocurrency and finance, and I've been hearing a lot about FTX lately. Can you break it down for me? What exactly happened with FTX? I understand it was a big deal in the crypto world, but I'm not really sure why. Was it a hack? A scam? Or something else? And what does it mean for the future of cryptocurrency and finance? I'm just trying to wrap my head around it all. Can you help me out?