Paradex, a decentralized perpetual futures exchange, faced a platform-wide outage on January 19 and halted its trading services.
According to its public status page, the freeze affected several components, including the user interface, cloud operations, API endpoints, blockchain modules, bridge functionality, the block explorer, and the remote procedure call proxy.
To manage the situation, Paradex forcibly cancelled all open orders, except take‑profit and stop‑loss (TPSL) orders, and promised further updates as the investigation continued.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is a Perpetual Contract in Crypto? (Definition + Example)
Paradex issued a public warning about impersonators posing as support staff during the outage and urged users to rely only on verified communication channels. The platform emphasized that it would never request private keys and labeled unsolicited support messages as scams.
In a messaging update on the platform’s Telegram channel, Director of Engineering Clement Ho stated that the team identified the issue and planned to roll back the chain’s state to block 1604710.
Later, at 10:14 AM UTC on January 19, the team announced that recovery operations were ongoing and confirmed that all user funds remained secure.
By 1:24 PM UTC on January 19, the team reactivated the platform and resumed vault withdrawals as part of post‑incident measures. However, deposits and withdrawals via Gigavault stayed paused for up to 24 hours.
$7.98B
halted Visa and Mastercard withdrawals in Ukraine on December 29. What happened? Read the full story.
