GM crypto fam. Happy December!
I've seen that several exchanges are trying to increase client transparency after the FTX crash by disclosing their Proof of Reserves. Since there is no way to determine whether the exchange is not using client funds to cover hidden debt or anything, I personally don't buy any of this.
The exchange site operational cost was a lot and relying from the fees will not be enough to keep the exchange site alive for long term. Doing diversification was a must but the exchange site wanna get instant return and that's why most of them were using client's fund for debt, re investing or etc. I've seen that several exchanges are trying to increase client transparency after the FTX crash by disclosing their Proof of Reserves. Since there is no way to determine whether the exchange is not using client funds to cover hidden debt or anything, I personally don't buy any of this.
The problem is exchange site like ftx was using too much user's money. that was draining liquidity.
Since I'm genuinely unsure of whether I'm missing something, I figured I might get some helpful insights from more experienced people here.
You'r not missing something. The blockchain itself was transparent but the exchange site itself didn't wanna try to reveal the reserved funds owned by exchange site. Is PoR actually enough after all that has happened so far? 
It's enough as long as the exchange site wanna publish the place that being used to store the reserved funds. At least we can track it easily and know what has been happening with reserved funds