- Paradex will roll back chain state to a pre-maintenance block after an error wiped prices on its perpetual futures exchange and triggered mass liquidations.
- The platform says recovery is in progress and that “all user funds are SAFU.”
- Thousands of trades were liquidated seconds after maintenance at about 4:30 a.m. London time, according to a social media post and videos.
- Data shows the exchange handled roughly $1.6 billion in trades the previous day and reported about $652 million in open interest in 24 hours.
- The rollback has shaken confidence in the protocol, which is incubated by Paradigm and comes amid recent problems at other perps platforms like Hyperliquid.
Paradex will roll back the blockchain to block 1604710 (4:27:54 UTC) after an error caused prices on its perpetual futures exchange to drop to zero and triggered widespread liquidations shortly after maintenance at about 4:30 a.m. London time. Videos and a linked social media post showed liquidations happening within seconds.
Three hours after the event, Clement Ho, the platform’s director of engineering, posted that the team had identified the issue and would revert to the last known correct state. He wrote, “We have identified the issue and will be rolling back chain state to block 1604710 (4:27:54 UTC).” The project’s status page added that “Recovery efforts are ongoing. We can confirm that all user funds are SAFU.” This page is available on the platform’s status dashboard.
The company did not specify how many users were affected or the total value liquidated. Public data shows the exchange processed almost $1.6 billion in trades the day before, according to DefiLlama, and CoinGecko recorded about $652 million in 24-hour open interest on the platform (CoinGecko).
The incident has damaged confidence in the protocol’s zero-fee perpetuals product. Paradex is incubated by Paradigm, which previously raised $35 million at a reported $400 million valuation. Other perps venues have faced issues recently; for example, Hyperliquid suffered attacks that included a trader netting $15 million.
Access to trapped funds remains unclear. The platform said, “Due to the complexity of the recovery process, we do not have a confirmed ETA at this time.” It added it will provide updates as they become available.
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