How did FTX lose so much money?

I'm truly perplexed by the extent of FTX's financial losses. Could you please explain how did the company manage to squander such a staggering amount of money? Was it due to risky investments gone awry, or were there deeper structural issues within the organization? Did they fail to anticipate market shifts, or were they caught up in some sort of unethical practices? I'm eager to understand the root causes of this debacle and what lessons we can learn from it.