As we detailed last night, as the 4:30 ET call began, Ed Tilly, the CEO of Cboe, hopped on an analyst call Wednesday afternoon to dispel certain "misconceptions" about the events of Monday, which left many retail traders totally wiped out and forced the liquidation of one popular short-VIX ETF.

Questions and misconceptions - it's largest single day increase on record. This is important because VIX continued to function as did the ETPs connected to it.

During the unprecedented surge, VIX and VIX-related ETPs continued to work as designed, said Tilley. Funds that were long volatility benefited, while those who were short suffered, Tilly said.

Of course, as we've noted in the past, there were formerly $22 trillion across all trading strategies and asset classes piled into the short volatility trade.