Flash.Trade says it will cover $98,000 loss after unauthorized withdrawal

Flash.Trade, a perpetuals protocol in the Solana ecosystem, said it detected an unauthorized withdrawal worth $98,000 and temporarily halted trading, deposits, and withdrawals. The protocol has since restored trading, while deposits and withdrawals are expected to remain paused for about 24 hours as the team completes fund reconciliation. Flash.Trade said user funds remain safe and that the full $98,000 loss will be absorbed by the team, with no impact on users. The team is also waiting for MagicBlock to complete its risk disclosure and release a patch, which it expects within 12 to 24 hours. The update outlines the current operational status, the scope of the loss, and the timeline for restoring normal account functions.