BitMEX releases review of October 11 flash crash: System remains stable, accounting for only 0.2% of total market liquidation

BitMEX released a review of the October 11th market crash, stating that its systems remained stable during this record-breaking deleveraging event, with only approximately $38.5 million in liquidations, representing 0.2% of the total market. The report noted that the market crash was initially triggered by Trump's tariff rhetoric, followed by systemic failures and erroneous oracle data on some exchanges (including Binance and some derivatives platforms), leading to cascading liquidations and asset decoupling. BitMEX stated that its core infrastructure remained operational under extreme load, and withdrawal functionality was unaffected. The report emphasized that the platform's use of automatic position reduction (ADL), multi-source fair price marking, and manual intervention mechanisms effectively avoided abnormal liquidations and systemic risks. BitMEX noted that the incident exposed structural flaws in some exchanges and reiterated that its risk engine and price index mechanism are designed to ensure the platform's robust operation and the security of user assets.