What happened to FTX cryptocurrency exchange?

In recent weeks, the cryptocurrency community has been left reeling by the sudden collapse of FTX, one of the largest digital asset exchanges in the world. Could you please elaborate on the key events that led to this dramatic downfall? From the initial rumors of financial irregularities to the subsequent liquidity crisis and subsequent bankruptcy filing, what specific actions or decisions contributed to this outcome? What are the implications for investors, crypto enthusiasts, and the broader industry as a result of this unprecedented event?