The IPv4 "exhaustion" is not real. The addresses got hoarded and the market devolved into a wild sub-leasing economy where anyone can choose where their IPs appear from, who owns them on paper, and scrub them clean of any history.

46 million DNS ANY queries for a Danish man's personal domain, from DoD address space, residential ISPs, and cloud providers across 12 countries. A two-year mystery nobody can explain.