What actually happened at FTX?

Could you please elaborate on the events that unfolded at FTX? As a seasoned expert in the realm of cryptocurrency and finance, I'm sure you have a unique perspective on this matter. The collapse of FTX has caused widespread concern and confusion within the industry. Was it a case of mismanagement, a lack of regulatory oversight, or perhaps a combination of both? What were the key factors that led to this tragic outcome? And what lessons can we learn from this incident to prevent similar events in the future? Your insights would be greatly appreciated.