What strategic issues happened at FTX that caused their failure?

FTX Forum

This will be in s discussion post format

What strategic issues happened at FTX that caused their failure? Business students learn all about what makes a company great.

The Company Mission. Management’s Great Vision and Leadership of the Future, Audited Financial Statements.

Superior Marketing. Superior Operations, and Creating a Competitive Advantage of Low cost/focusing on a market/ or being different (differentiation) just to name a few areas where a company can go from Good to Great

But, what makes a company go from Great to Good? Or even worse, from Nothing, to Great, to Terrible? Why do some companies fail? Where did FTX fail?