Why did FTX collapse?

Could you explain the reasons behind the collapse of FTX? As a professional in the field of cryptocurrency and finance, you must have a deep understanding of the inner workings of this industry. I'm particularly interested in understanding the specific factors that led to the downfall of such a once-promising exchange. Was it a matter of poor management, regulatory issues, or was it simply a case of bad luck? I'd appreciate it if you could provide a detailed and objective analysis of the situation.