Decent exchange shutdowns deserve recognition, but not deification

The author argues that while an orderly shutdown of a centralized exchange is preferable to a sudden collapse, it should be viewed as a basic fulfillment of debt obligations rather than a heroic act. Centralized exchanges face constant pressure from liquidity volatility, regulatory compliance costs, and the risk of bank runs. The author emphasizes that 'proof of reserves' does not equate to solvency, as it fails to account for undisclosed liabilities, leverage, or asset encumbrances. Ultimately, the author contends that all centralized exchanges will eventually exit the market, and the only true measure of a shutdown is whether customer assets were fully returned.