Paxos experienced a major incident on May 24, 2025 affecting Crypto Transfers and Crypto Transfers and 1 more component, lasting 9h 38m. The incident has been resolved; the full update timeline is below.
Affected components
Update timeline
- investigating May 24, 2025, 12:33 PM UTC
We are experiencing an outage with Crypto Withdrawals to all networks. Customers can continue initiating withdrawals on platform, but may experience some delays with transfers on chain.
- identified May 24, 2025, 03:01 PM UTC
Engineering has identified the root cause and is actively working on a resolution.
- monitoring May 24, 2025, 05:05 PM UTC
Engineering has applied the fix, and we are now processing the backlog of pending crypto withdrawals.
- identified May 24, 2025, 06:14 PM UTC
The Engineering team is actively working to enhance the performance of the backlog processing for crypto withdrawals.
- identified May 24, 2025, 07:23 PM UTC
Withdrawals to the Solana network remain under investigation by Engineering. Withdrawals to other crypto networks are currently processing and clearing the backlog.
- monitoring May 24, 2025, 08:33 PM UTC
Engineering has implemented the fix in the system, and all pending withdrawals should be processed shortly.
- resolved May 24, 2025, 10:12 PM UTC
The issue has been resolved, all crypto withdrawals should be processed now.