Proof‑of‑reserves Isn’t a Run Stopper

A snapshot claim that an exchange holds reserves (proof‑of‑reserves) does not prevent immediate liquidity runs after a security breach: users can and do withdraw billions within hours even when an exchange reports large remaining assets. That gap between static proof and realtime withdrawal capacity exposes a trust/liquidity mismatch that regulators and market participants must address. — This reframes the policy debate from 'do exchanges prove reserves?' to 'how do we ensure realtime liquidity and formal backstops so proof snapshots cannot be undone by a run', with implications for consumer protection and systemic risk rules.