Paradex users saw Bitcoin show as $0 overnight after a database migration error hit the exchange’s blockchain, block explorer, bridge, and API. The incident first appeared at about 12:36 a.m. ET and forced a rollback of Paradex Chain, which runs on the Starknet stack, to restore the last known correct state.
Around 2:00 a.m. ET the team began recovery work and announced, “We have identified the issue and will be rolling back chain state to block 1604710.” The rollback targeted the state before the database maintenance.
The exchange then force-cancelled remaining open orders and continued its recovery process. At about 5:00 a.m. ET the platform confirmed, “Recovery efforts are ongoing. We can confirm that all user funds are SAFU.” See the Paradex status page for details.
Data shows the perps protocol handled roughly $641 million in open interest and about $37 billion in volume over the last 30 days, per DeFiLlama. The glitch followed price swings that saw Bitcoin fall from above $95,000 to about $92,284, with trading near $93,318 afterward.
The sharp moves helped push liquidations to over $875 million in 24 hours, including roughly $234 million tied to Bitcoin, according to CoinGlass. All Paradex services are now reported operational and the recovery remains in progress.
