Why did FTX explode?

Could you explain why FTX collapsed? As a professional in the field of cryptocurrency and finance, I'm sure you have a deep understanding of the matter. Was it due to poor management, issues with liquidity, or maybe a combination of various factors? I'm particularly interested in hearing your professional analysis of the situation and any lessons that can be learned from this collapse. Could you also comment on the impact this collapse had on the overall cryptocurrency market and what, in your opinion, the future holds for the industry?