Paradex reports service interruptions, cancels open orders
Update Jan 19, 1:44 pm UTC: This article has been updated to add information from the Paradex Telegram channel.
Crypto derivatives exchange Paradex reported a platform-wide service outage on Monday, leaving its trading interface and supporting infrastructure unavailable while the team investigates the issue.
According to the official status page, the outage affected several business services, including user interfaces, cloud and API services, blockchain components, bridges, block explorers, and remote procedure call proxies.
Paradex said it is working on a recovery and restoration process, but did not provide a reason for the outage or a timeline for a full restoration.
As part of the recovery effort, Paradex said it will cancel all open orders except profit and loss (TPSL) orders. The exchange said it would provide further updates as the investigation continues.
Cointelegraph reached out to Paradex's official X account for comment, but did not receive a response by publication.
Paradex operates as a decentralized perpetual futures exchange, allowing users to trade leveraged crypto derivatives without committing to a centralized intermediary.
It has grown into an important space for onchain derivatives trading. According to data from Defilama, the exchange ranks eighth in 30-day trading volume and reported more than $37 billion in trading activity last month.
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Paradex warns users of fake support accounts
During the outage, Paradex issued a public warning against fake support accounts impersonating the band. DX advises traders to rely only on official communication channels.
Paradex reiterates that it never asks users for private keys and says unsolicited messages claiming to offer support should be treated as scams.
At the time of writing, Paradex had not disclosed the reason for the outage and said updates would be shared via its official status page and verified accounts.
Community members took to X to respond to the outage, with one X user urging the forum to share a public post about the exchange being disrupted.
Another user expressed concern about the downtime, noting that there are open slots on the platform.
In a Telegram post, Paradex's director of engineering, Clement Ho, said the team has identified the issue and is rolling out its chain of command to shut down 1604710.
In an update posted at 10:14 am UTC, the Paradex team confirmed that recovery efforts are ongoing and that all user funds remain safe.
In a subsequent update at 1:24 pm UTC, Paradex said platform and vault evacuation had been reactivated as part of its post-incident recovery procedures. However, Gigawatt deposits and withdrawals will remain temporarily suspended for up to 24 hours, the exchange said.
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