How did FTX get caught?

Could you please explain, in a nutshell, how did FTX, a once-promising cryptocurrency exchange, find itself in such a predicament? I'm particularly interested in understanding the sequence of events that led to its downfall. Was it a gradual erosion of trust due to undisclosed financial dealings? Or was it a sudden collapse triggered by a specific, catastrophic event? How did regulators and investors alike become aware of the issues plaguing FTX? I'm keen to hear your thoughts on this matter.