My intention in writing this thread is to elucidate the most salient points regarding recent PA and the #Bitmex drama. There has been a lot of noise in the past 24 hours, hopefully this will help to cut through it all.
The first of course being manipulation.
There were a number of suspect activities that occurred prior to the event (hidden buy walls maintaining/increasing price, $100m of USDT moved to exchanges).
If one had been holding a hedged short using Bitfinex spot and Bitmex futures, when the maintenance occurred, bot may have reported a 0 balance (Bitmex) or API error and responded by covering short with a huge market buy order.
If there's anything I missed, please leave a comment and I'll add it to the thread.
RT if you think this might be helpful to others!