BitMEX has finally addressed the controversial XRP price crash that took place on Feb. 13. In response to U.Today's request for comment, the exchange's communications manager Shira Almeleh said that there was no system glitch on their side. After conducting an investigation, they've found out that none of its users were liquidated a result of this black swan event.
"We understand traders' frustration when prices move quickly against their positions. However, we’ve investigated the recent activity on our XRPUSD perpetual swap and our system performed as expected. The Fair Price Marking method meant users (including some who may believe they were liquidated) avoided liquidation no liquidations occurred on XRPUSD during this time period (14:00-14:02 UTC). Stop Market orders set by users to trigger on Last Price within the price range would have been triggered based on this move as designed."
She also explained BitMEX's insurance fund doesn't protect users from slippage on a market order.
"Our Insurance Fund is not intended for use here. It is used to guarantee profits where market conditions may otherwise produce margin shortfalls on the other side of the book."