The Solana ecosystem protocol FlashTrade detected an unauthorized withdrawal of $98,000, subsequently pausing trading, deposits, and withdrawals. Trading on FlashTrade has now been restored, while deposits and withdrawals remain paused for approximately 24 hours to complete fund reconciliation. The FlashTrade team has committed to fully covering the $98,000 loss, ensuring user funds remain unaffected. FlashTrade is awaiting MagicBlock to complete its risk disclosure and release a patch, which is expected to take 12 to 24 hours.
FlashTrade Suffers $98,000 Loss; Team Pledges Full Compensation
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Summary
FlashTrade reported a $98,000 loss due to an unauthorized withdrawal and has paused deposits and withdrawals for reconciliation. Trading has resumed, but deposits and withdrawals remain suspended for 24 hours. The team confirmed a protocol update is underway and will fully cover the loss. MagicBlock is finalizing a patch, expected within 12–24 hours. This incident brings new crypto news to the Solana-based platform.
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