What killed the Kraken?

I must ask, what precisely was the catalyst that led to the downfall of the once mighty Kraken? Was it a sudden market crash that left investors reeling, or a gradual erosion of trust in its platform? Did it succumb to the relentless pressure of competition from other cryptocurrency exchanges, or did it suffer from internal issues that proved to be fatal? The Kraken's demise has left many in the industry wondering, and I am no exception. What specific factors contributed to its downfall, and what lessons can we learn from this unfortunate event?