The XIV security, which had fallen roughly 85 percent in after-hours Monday, closed down 93 percent Tuesday.
(and you think Cryptocurrencies are volatile)
I don't think it's accurate to say it "went bust". In fact, Credit Suisse had a (oft ignored) provision in the prospectus of the ETN that very clearly stated that they would liquidate and terminate the product if it exhibited certain behaviors.
Credit Suisse built the product "safely" in a way that did not expose them to losses. The "investors", however, who were almost certainly using the ETN incorrectly, were exposed to heavy losses:
https://www.cnbc.com/2018/02/06/the-obscure-volatility-secur...