Core Insights - A technical failure during scheduled maintenance at Paradex led to mass liquidations, causing Bitcoin to briefly trade at zero [1][2] - The incident was linked to a malfunction in the exchange's pricing mechanism or oracle feed, resulting in significant price collapses across multiple perpetual markets [2][3] Group 1: Incident Details - The maintenance occurred around 4:30 a.m. London time, with the most intense liquidation activity reported at 05:02 UTC on January 19, 2026 [2][4] - Long positions in Bitcoin and other cryptocurrencies were liquidated at prices displayed as $0.00, while some short positions were closed at normal market prices around $92,600 [3][4] - The rapid repricing forced leveraged positions to close, exacerbating the situation within seconds [4] Group 2: Recovery Actions - Paradex's engineering director confirmed a chain rollback to block 1,604,710, which represented the last known correct state before the maintenance [4][5] - The rollback effectively canceled all trades, deposits, and liquidations that occurred after the specified block, although profits earned post-rollback would also be erased [5][6] - Such rollbacks are considered a last resort in decentralized systems due to their impact on the immutability principle of blockchains [6] Group 3: Company Operations - Paradex operates on Starknet as a decentralized perpetual futures exchange and has become a significant venue for on-chain derivatives trading [7]

Core Insights - October 2025 did not experience the expected "uptober" rally, with most cryptocurrencies ending the month in decline, marking a rare occurrence in the historical trend of October [1][6]. Performance of Cryptocurrencies - Among the top 100 cryptocurrencies, only nine saw price increases in October, including Wrapped BNB and Pax's tokenized gold token, while major privacy coins ZCash and Monero performed notably well, with ZCash increasing by 411% and Monero by 9.93% [2][4]. - Bittensor experienced a significant rise of over 40%, driven by growing interest in its AI subnets, marking one of its strongest rallies [2][4]. - BNB also performed well, supported by excitement around the decentralized perpetual futures exchange Aster and interest from digital asset treasury companies [3]. Market Overview - The overall cryptocurrency market cap declined by approximately 6.7% throughout October 2025, with only nine tokens managing to break the bearish trend [6][7]. - The market showed signs of recovery from a mid-month low, but many tokens faced severe losses, particularly those with lower market capitalizations [7]. Major Gainers in October - The following cryptocurrencies were the top gainers in October: - ZCash: from $74.48 to $306.84, a 411.95% increase - Bittensor: from $302.88 to $434.34, a 43.41% increase - Monero: from $295.45 to $324.77, a 9.93% increase - Wrapped BNB: from $1,008.03 to $1,087.25, a 7.86% increase - BNB: from $1,008.92 to $1,086.78, a 7.72% increase [4]. Major Losers in October - The following cryptocurrencies were the biggest losers in October: - Figure Heloc: from $0.998 to $0.234, a -76.55% change - Story: from $8.904 to $4.400, a -50.59% change - Avalanche: from $29.993 to $18.280, a -39.05% change - Flare: from $0.025 to $0.016, a -35.91% change - Worldcoin: from $1.244 to $0.800, a -35.74% change [8].