Worst drop ever for the Nasdaq Index today: -12%. These aren't 1, 2 or 3 standard-deviation events... these are more like 6 or 7 standard-deviations from the mean...
Vix is currently at 82%, rather than a more typical 15%. You should expect daily fluctuations of 5 to 6x what is ordinary for the next month. In fact today's drop is only about 1 standard deviation.
VIX was suppressed so long through shorting VIX futures via ETNs like $XIV, $SVXY up until Feb 5, 2018. Then the latter ETNs blew up. Lots of people made money just buying these ETNs. This was one way VIX was suppressed.
That's not so impossible for the stock market whose distribution has a big, long negative tail. (If you plot the daily delta of the logarithm of the S&P you will see that it looks like a normal distribution, except with a fat long tail of very bad days.) It goes up little by little except on the days it goes down by a lot.
If you're experiencing 6 sigma events daily, your modelling is wrong.
It's "wrong" because the stock market doesn't follow a normal distribution but instead a power law.