Why did FTX shut down?

Could you please elaborate on the reasons behind the shutdown of FTX? Was it due to financial mismanagement, a lack of regulatory compliance, or perhaps some other unforeseen circumstances? How did the collapse of FTX impact the broader cryptocurrency and financial markets? And what steps are being taken to ensure that such an event doesn't happen again in the future? Understanding the underlying factors behind the FTX shutdown is crucial for investors, traders, and regulators alike.