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Project Overview
Flash Trade is a perpetuals protocol offering direct wallet trading, up to 100x leverage, zero price impact trading, and unique yield-generating NFTs.
FlashTrade Shuts Down, Founder Seeks to Sell Tech Stack to Compensate FAF Holders
Odaily News: Anas posted on platform X, stating that the Solana perpetual contract protocol FlashTrade will be shutting down the project and seeks to sell its existing tech stack to compensate FAF holders. Anas cited severe internal team disagreements, a shrinking market, and a prolonged lack of profitability as reasons for the closure, adding that what hurt him most personally was the Solana Foundation's indifference toward the team. He claimed that the Solana Foundation only fully supports one team because it believes this contributes to Solana's success, while emphasizing that he is not blaming the foundation for the project's failure and acknowledged being overly emotional about the matter. Solana co-founder Anatoly Yakovenko subsequently responded, stating that the foundation cannot determine whether a product succeeds, as its primary role is to assist with go-to-market efforts and expand exposure at product launch, and that ultimately, whether attention translates into users depends on the product itself.
Flash.Trade: Detected $98,000 Unauthorized Withdrawal, Trading and Deposits/Withdrawals Suspended
Flash.Trade announced that its temporary instance detected an unauthorized withdrawal of $98,000. As a precautionary measure, the platform has suspended trading, deposits, and withdrawals, and will launch an investigation within the next few hours.
Related news
GMTrade publicly proposes a soft acquisition of Flash Trade, planning to airdrop GT points to FAF holders and LPs
Odaily News: Solana perpetual futures trading platform GMTrade plans to airdrop GT points to FAF token holders and liquidity providers, though the specific snapshot time has not yet been confirmed. GMTrade stated that this acquisition is not the ideal exit the team originally expected, but under current circumstances, it represents a relatively secure outcome for the community and a clear path forward. Previously, Flash Trade had indicated that if no suitable acquirer were found, the protocol would gradually cease operations and seek to sell its tech stack, brand, and intellectual property, with the proceeds distributed to FAF holders in proportion to their holdings.
FlashTrade Shuts Down, Founder Seeks to Sell Tech Stack to Compensate FAF Holders
Odaily News: Anas posted on platform X, stating that the Solana perpetual contract protocol FlashTrade will be shutting down the project and seeks to sell its existing tech stack to compensate FAF holders. Anas cited severe internal team disagreements, a shrinking market, and a prolonged lack of profitability as reasons for the closure, adding that what hurt him most personally was the Solana Foundation's indifference toward the team. He claimed that the Solana Foundation only fully supports one team because it believes this contributes to Solana's success, while emphasizing that he is not blaming the foundation for the project's failure and acknowledged being overly emotional about the matter. Solana co-founder Anatoly Yakovenko subsequently responded, stating that the foundation cannot determine whether a product succeeds, as its primary role is to assist with go-to-market efforts and expand exposure at product launch, and that ultimately, whether attention translates into users depends on the product itself.
Flash.Trade: Detected $98,000 Unauthorized Withdrawal, Trading and Deposits/Withdrawals Suspended
Flash.Trade announced that its temporary instance detected an unauthorized withdrawal of $98,000. As a precautionary measure, the platform has suspended trading, deposits, and withdrawals, and will launch an investigation within the next few hours.