The worth of Bitcoin dropped to $0 in a single day on the PERPS decentralized trade Paradex after a database migration concern affected the Paradex blockchain, its block explorers, bridges, and APIs, in accordance with many customers.
The issue was first reported on Paradex Standing Web page (Monday 12:36 a.m. ET)shortly after the value of Bitcoin plummeted to $0 on exchanges and social media posts confirmed indicators of a sequence of liquidations.
Round 2 a.m. ET, the trade recognized the problem and initiated a repair that rolled again the state of Paradex Chain, a blockchain constructed utilizing the Starknet stack. Starknet is an Ethereum layer 2 scaling community.
🩸🚨Properly, once I posted the screenshot, I believed it was a UI bug.
Then I noticed on my pc that the value went to $0 after which got here again.
Hundreds of liquidations are at present underway.
This does not look good for @paradex ☠️ https://t.co/m4YbnfHkgN pic.twitter.com/QbKd3U432s
— Sniper₿ (@sniiperrB) January 19, 2026
“We now have recognized the problem and plan to roll again the chain state to dam 1604710,” the standing replace says. “That is the pre-DB upkeep level and the final recognized good state. All accounts can be restored to their pre-DB upkeep state. We are going to present extra updates as we proceed with the rollback.”
Shortly thereafter, Paradex forcefully canceled all remaining excellent orders and confirmed at roughly 5 a.m. ET that every one person funds had been secure as the gathering course of was underway.
“Restoration efforts are ongoing. We will verify that every one person funds are SAFU,” a publish on the standing web page at 5:16 a.m. ET stated.
It’s nonetheless unclear how a lot the liquidation quantity reached, however in accordance with DeFiLlama information: perps protocol has roughly $641 million in open curiosity. The protocol has facilitated roughly $37 billion in financing prior to now 30 days.
All Paradex providers at the moment are up and operating, in accordance with an replace on the standing web page.
Trade worth fluctuations are BTCwhich fell from greater than $95,000 to $92,284 simply after 7 p.m. Sunday. A 2% drop prior to now 24 hours eroded the highest crypto asset’s weekly achieve, which now stands at 1.4%. BTC Just lately modified commerce for $93,318.
slide induced a rise within the variety of liquidationsthat quantity has grown to greater than $875 million prior to now 24 hours, of which $234 million might be attributed to Bitcoin. Information from CoinGlass.
