As part of the recovery effort, Paradex said it would force-cancel all open orders, with the exception of take-profit and stop-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 comments, but had not received a response by publication.
Paradex’s official status page. Source: Paradex Status
Paradex operates as a decentralized perpetual futures exchange, which allows users to trade leveraged crypto derivatives without giving custody of funds to a centralized intermediary.
It has grown into a significant venue for onchain derivatives trading. Data from DefiLlama shows that the exchange ranks eighth in 30-day trading volume across the space, with more than $37 billion in reported trading activity during the past month.
Related: Decentralized exchange volumes soar on memecoin trading rush: CoinGecko
Paradex warns users of fake support accounts
During the outage, Paradex posted an official warning against fake support accounts impersonating its team. The DEX advised traders to rely only on its official communication channels.
Paradex reiterated that it will never ask users for private keys and said that unsolicited messages claiming to offer support should be treated as scams.
Source: Paradex
At the time of writing, Paradex had not disclosed the cause of the outage and said updates would be shared via its official status page and verified accounts.
Community members went on X to respond to the outage, with one X user urging the platform to share an official post about the exchange being down.
Another user expressed concern over the duration of the outage, citing the presence of open leveraged positions on the platform.
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