Decentralized perpetuals exchange Paradex has successfully concluded a restitution process, returning a total of $650,000 to approximately 200 users who were adversely affected by a critical technical bug earlier this month. The incident, which occurred during scheduled system maintenance last Tuesday, saw a critical malfunction in the platform’s core liquidation mechanism.
The maintenance-related bug inadvertently caused the platform’s risk engine to incorrectly calculate margin collateral values. This led to a brief window where the system registered insufficient collateral for hundreds of active leveraged positions, resulting in the premature and erroneous forced liquidation of numerous trades, despite those positions technically meeting required margin levels.
Following a rapid internal audit and immediate platform stabilization, Paradex confirmed the root cause was isolated to the maintenance deployment script and was not an exploit or external attack. The exchange committed immediately to a full refund for all affected parties.
Paradex confirmed that 100% of the calculated losses, along with any trading fees associated with the incorrect liquidations, have been restored to the accounts of the 200 affected users. A spokesperson for the exchange emphasized their commitment to user protection: “We deeply regret the financial stress and disruption this caused our community. We have implemented rigorous new testing protocols and multiple independent fail-safes to ensure that a similar calculation error does not recur. The immediate and full refund underscores our commitment to maintaining trust and transparency.”
Source: Paradex refunds $650K to 200 users after maintenance bug triggers liquidations
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