All customer funds were safe even during a short period when people could not trade on Paradex because of a problem with their system this week. The company added that the issue was purely technical, dealt with promptly and did not give way to any breaches on the security of the users’ accounts, loss of assets or unauthorized account activity.
This lasted
for some hours, and it happened due to a disruption in the internal infrastructure, which was associated with a routine system upgrade. At that time, certain clients
had trouble accessing trading options as well as their account dashboards.
According to Paradex, there was never any point when the wallet systems,
custody architecture, and user balances were at risk of being compromised or
exposed.
“User
safety is our top priority, period,” stated Paradex. “Even when the platform
was not working, we made sure that all funds were secure, separate from each
other’s, and nothing was missing from anyone’s account.” There was no effect on
client assets whatsoever.
Infrastructure
Safeguards Worked as Designed
Paradex
reported that its multi-layer security framework operated just as it should
during the downtime. Funds are secured through various measures such as cold
storage protocols, live surveillance, and automated risk controls that
run separately from the trading interface. This separation guaranteed asset
safety even when some services could not be accessed for a while.
The
company also said that users did not have to do anything during or after the
disruption. Account access, balances, and open positions were all updated in
real-time once systems were back up and running properly without any anomalies.
Rapid
Response and Transparency
The
engineers at Paradex quickly identified the problem and applied solutions to
stabilize the platform. They claim to have carried out additional stress tests
since then and put in place measures to avert similar occurrences in future.
Throughout
the outage, Paradex kept communicating with its customers through official
channels, updating them on the progress made towards restoring normal operations
within estimated timelines. This transparency underscores its commitment to
trust and responsibility amidst a rapidly changing crypto trading landscape,
according to the firm.
Customer
Experience and Ongoing Improvements
Paradex
admitted that the downtime inconvenienced users and appreciated their patience.
The company is currently evaluating internal processes so as to improve uptime
reliability and strengthen platform resilience, given increasing trade volumes.
As part of
its post-incident review, Paradex is assessing infrastructure scaling, failover
mechanisms, and monitoring tools for better performance under high demand or
system upgrade conditions.
Looking
Ahead
Paradex
reiterated its commitment to maintaining platform stability and asset security
even as it adds more products and customers. Users were also urged by the
company to contact customer support if they had any questions about the
incident.