Crypto derivatives exchange Paradex reported a platform-wide outage that temporarily shut down its trading services. The issue affected its interface, APIs, blockchain components and other core systems, according to its status page.
Paradex said it is working on recovery but has not shared the cause of the outage or a timeline for full restoration. As part of the process, the exchange announced it would cancel all open orders except take-profit and stop-loss orders.
The incident highlights technical risks even for decentralized trading platforms. Paradex operates as an onchain perpetual futures exchange, allowing users to trade without giving up custody of funds. It ranks among the top decentralized derivatives platforms by volume.
During the outage, Paradex warned users about fake support accounts and scams. The exchange reminded traders that it will never ask for private keys and urged users to rely only on official communication channels for updates.
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