Tom K

[Tom K @tomkearney0]

@SBF_Alameda BitMEX has ADL (auto-deleveraging) in case they can't liquidate in the book. It does not rule out the possibility that they wanted to prevent an ADL event by going down for maintenance.

[Tom K @tomkearney0]

@SBF_Alameda > "So there's a positive feedback loop."
The fair value of the contracts is based on SPOT prices, not BitMEX last-traded prices. This prevents positive feedback.