What was FTX doing wrong?

Could you elaborate on what exactly FTX was doing wrong? I'm curious to understand the specific missteps and practices that led to its downfall. Was it a lack of regulatory compliance? Was there an issue with their risk management? Or was it something else entirely? Could you provide some examples and details about these missteps? I'm particularly interested in the financial practices and strategies that might have contributed to the collapse of FTX. Thank you for shedding some light on this matter.