Proof of reserves doesn't mean shit. Don't buy into it. There is a world of debt and risk "off-chain".

This whole idea of "proof of reserves" is hilarious. It proves nothing! The world doesn't happen "on-chain".

Binance could show $10B BTC in their wallet, but that doesn't mean they haven't pledged $10B BTC as collateral to someone else in the real world.

On-chain reserves don't tell you about off-chain risk. Hell, for all you know Shit Exchange A has pledged their assets to Sketchy Exchange B for liquidity on Sketchy Exchange B. For all you know, Crypto.com owes all their reserves to some random private equity or hedge fund. How would you ever know?