What actually happened to FTX?

Could you explain to me what exactly transpired with FTX? I've heard rumors of its collapse, but I'm looking for a detailed account from a reliable source. What were the primary factors that led to its downfall? Was it a matter of poor management, unregulated trading practices, or perhaps a combination of both? And what does this mean for the cryptocurrency industry as a whole? Will other exchanges be affected? I'm interested in understanding the broader implications of this event, as well as its potential long-term consequences.