Why did FTX fail?

Why did the once-promising cryptocurrency exchange FTX collapse so abruptly? What were the underlying reasons behind its downfall? Was it a case of mismanagement or were there deeper systemic issues at play? How did the company's rapid growth contribute to its eventual demise? And what lessons can we learn from this high-profile failure in the crypto world? Understanding the reasons for FTX's failure is crucial for investors, regulators, and the broader crypto community to ensure such incidents don't repeat in the future.