Paradex, a decentralized exchange (DEX) operating on the Starknet network, experienced a service outage, and most of its systems ceased functioning.
According to reports, a data error on Paradex caused the Bitcoin (BTC) price to momentarily drop to zero, triggering mass liquidations.
The Paradex team acknowledged the issue, stating that it occurred after a database migration and that the chain would be restored to its state before the migration.
“We have identified the issue and will revert the chain status to block 1604710 (UTC 04:27:54).”
It was stated that the buyback process covers all open orders on the platform and that all open orders are compulsorily canceled. However, it was noted that take-profit and stop-loss (TPSL) orders are not included in this compulsory cancellation.
While the exact number of users affected by the error and the value of the liquidated funds are not yet known, the outage also impacted Starknet. Accordingly, Starknet’s token, STRK, lost over 3% of its value following the data error.
*This is not investment advice.
