How did FTX lose all their money?

Could you explain to me how FTX, a once-renowned cryptocurrency exchange, ended up losing all of its funds? I've heard rumors of poor management, insecure systems, and even illegal activities, but I'm looking for a comprehensive, unbiased account of what went wrong. Was it a combination of these factors, or was there one particular event that triggered the collapse? Was there any way this could have been prevented, or were the circumstances simply too complex to anticipate? I'm really interested in understanding the ins and outs of this situation, as it seems to have had a profound impact on the entire crypto industry.