What did FTX do wrong?

What went wrong with FTX? Could you please elaborate on the specific missteps and failures that led to its downfall? As a leading player in the cryptocurrency sphere, what were the critical decisions or actions that FTX took that ultimately compromised its stability and trustworthiness? I'm interested in understanding the key factors that contributed to its collapse, particularly in terms of financial mismanagement, regulatory violations, or any unethical practices that might have been involved. Could you provide a detailed account of these issues, highlighting the key moments and decisions that led to FTX's downfall?