Audit log

Every state-changing event for Flash Trade: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-06-01 03:22:30Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 423,509,486

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   4XQRuerjfAY5…NV1Psay5copyexplorer ↗

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   F1c2f4RGVqaH…V7eWTdqRcopysha256 → base58

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   {"actor":"system:backfill","investigation_id":"84dc74f9-9d89-42e9-b236-81c20bce4d31","kind":"publish","page_slug":"flash-trade","published_at":"2026-06-01T03:22:30.703Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Flash Trade","sections":[{"content":"Flash Trade was founded in January 2023 by Anas Khader (CEO) and Zoheb Shahzan (co-founder) after the pair had previously built a project called Investin on Ethereum. According to Flash Trade's own origin story documentation, the founders spent approximately three months optimizing smart contracts for Ethereum gas efficiency before pivoting to Solana, which they identified as a platform that removed technical limitations inherent to the EVM. The protocol continued development through the November 2022 FTX collapse, a period when many Solana-adjacent projects ceased operations. Flash Trade launched publicly approximately 15 months before the Breakpoint 2024 conference. The project was founded without venture capital backing, instead raising approximately $1.27 million in December 2023 through a sale of 5,555 Flash Beast NFTs to fund initial protocol development.","heading":"Background and Founding","severity":"low","sources":[{"credibility":2,"name":"The Flash Trade Origin Story — Flash Trade Docs","type":"official","url":"https://docs.flash.trade/flash-trade/resources/the-flash-trade-origin-story"},{"credibility":2,"name":"Flash Trade Founders and Board of Directors — Tracxn","type":"research","url":"https://tracxn.com/d/companies/flash-trade/__hQ89Tx0uzaFw2gWEgz6q55dRg6fb7dhlliV3AoMVCTQ/founders-and-board-of-directors"}]},{"content":"CEO Anas Khader has presented publicly at Solana Breakpoint conferences in 2023, 2024, and 2025, and appeared on the official Solana Foundation podcast (Sol Brothers), establishing a verifiable public identity. Co-founder Zoheb Shahzan maintains a LinkedIn profile. The team's identities are therefore named and partially verifiable. However, beyond their roles at Flash Trade and a prior connection to the Investin project on Ethereum, limited independent background information (employment history, academic credentials, prior track record in regulated finance) is publicly available for either founder. No additional team members have been identified by name in accessible public sources. The bootstrap model means there are no venture capital investors whose public due diligence could serve as additional identity validation.","heading":"Team Transparency","severity":"medium","sources":[{"credibility":2,"name":"Breakpoint 2024: Product Keynote — Flash Trade (Anas Khader) — Solana Compass","type":"news_article","url":"https://solanacompass.com/learn/breakpoint-24/breakpoint-2024-product-keynote-flash-trade-anas-khader"},{"credibility":2,"name":"The fastest and cheapest DEX on Solana: Flash.Trade Co-Founder Anas — Solana Foundation Podcast","type":"official","url":"https://solana.com/podcasts/sol-brothers/episodes/the-fastest-and-cheapest-dex-on-solana-right-now-flash-trade-faf-co-founder-anas-2025-12-25"},{"credibility":2,"name":"Zoheb Shahzan — flash.trade LinkedIn","type":"other","url":"https://www.linkedin.com/in/zoheb-shahzan-6a5844168/"}]},{"content":"Flash Trade maintains a public GitHub repository of its audit reports at github.com/flash-trade/Audits. Three security audits have been identified: (1) Halborn, April 2023 — a seven-week engagement by a Solana-specialized security engineer covering the original program suite; (2) Halborn, March 2024 — a further engagement covering updated flash contracts; (3) Offside Labs, April 2025 — an engagement covering contracts from March through April 2025. Additionally, GriGonTok conducted an economic audit focused on the margin engine and 'black swan' scenarios that could affect FLP liquidity provider profitability. The smart contract code is open-source and forked from the solana-labs/perpetuals reference implementation under Apache License 2.0. No critical or high-severity findings have been publicly disclosed from these audits, though the GitHub repository does not include detailed findings reports in summary form.","heading":"Smart Contract Audits","severity":"low","sources":[{"credibility":2,"name":"Flash Trade Audits — GitHub","type":"official","url":"https://github.com/flash-trade/Audits"},{"credibility":2,"name":"flash-trade/flash-perpetuals — GitHub (reference implementation)","type":"official","url":"https://github.com/flash-trade/flash-perpetuals"}]},{"content":"Flash Trade operates a non-custodial, pool-to-peer model in which users retain on-chain control of assets while the protocol's liquidity pools (FLP) act as counterparty to all leveraged positions. Funds are held in audited on-chain smart contracts, not in a centralized custodial wallet. Price discovery relies on Pyth Network oracles combined with a proprietary backup oracle system and dynamic circuit breakers designed to maintain uptime during oracle failure. Oracle manipulation is a documented risk category for all perpetual DEXs using off-chain price feeds, and no specific oracle exploit has been documented against Flash Trade. The FLP pool composition as of Breakpoint 2025 consisted primarily of Bitcoin, Ethereum, and Solana, exposing liquidity providers to the mark-to-market performance of those underlying assets. FLP auto-compounds fees and trading PnL hourly and liquidity providers receive approximately 70% of trading fees.","heading":"Custody and Oracle Model","severity":"medium","sources":[{"credibility":2,"name":"Introduction — Flash Trade Docs","type":"official","url":"https://docs.flash.trade/flash-trade/"},{"credibility":2,"name":"Flash Trade Breakpoint 2025: Ephemeral Rollups, Order Books and Real-World Assets — Solana Compass","type":"news_article","url":"https://solanacompass.com/learn/breakpoint-25/product-keynote-flash-trade"},{"credibility":2,"name":"FLP Tokens — Flash Trade Docs","type":"official","url":"https://docs.flash.trade/flash-trade/flash-trade/technical-architecture/flp-token"}]},{"content":"According to DeFiLlama data, Flash Trade's total value locked stood at approximately $10.71 million, with annualized fees of approximately $2.44 million and annualized revenue of approximately $802,000. Cumulative perpetual trading volume as reported by DeFiLlama is $20.15 billion. At Breakpoint 2024, Anas Khader reported $11 billion in trading volume in under 10 months and over $10 million in protocol fees, consistent with the DeFiLlama cumulative figures. The FLT1 liquidity pool delivered year-to-date returns of over 20% for liquidity providers through the Breakpoint 2025 period, against Solana itself declining approximately 26% in the same window. The FAF governance token has a circulating supply of 1 billion tokens; as of data available on CoinGecko, it was trading at approximately $0.0037 with a market capitalization of approximately $3.7 million, approximately 79.8% below its all-time high.","heading":"TVL, Volume, and Protocol Metrics","severity":"medium","sources":[{"credibility":2,"name":"FlashTrade TVL, Fees, Revenue and Volume — DeFiLlama","type":"research","url":"https://defillama.com/protocol/flashtrade"},{"credibility":2,"name":"Flash.Trade (FAF) Price — CoinGecko","type":"research","url":"https://www.coingecko.com/en/coins/flash-trade"},{"credibility":2,"name":"Breakpoint 2024: Product Keynote — Flash Trade — Solana Compass","type":"news_article","url":"https://solanacompass.com/learn/breakpoint-24/breakpoint-2024-product-keynote-flash-trade-anas-khader"}]},{"content":"The FAF token (contract address FAFxVxnkzZHMCodkWyoccgUNgVScqMw2mhhQBYDFjFAF on Solana) serves as the reward, utility, and governance token of the Flash Trade ecosystem. The protocol previously issued the Flash Beast NFT collection (5,555 items), which acted as trading accounts and raised initial capital; approximately 80% of the FAF supply was distributed to early NFT holders and community participants rather than to venture investors. Notably, team token allocations are unlocked only upon the launch of new products or features, a model Anas Khader described as eliminating traditional linear vesting schedules that create sell pressure. Governance is described as futarchic — voters earn yield on governance proposals, aligning participation with protocol outcomes. The FAF token trades at a very low market capitalization (~$3.7M) which creates concentration and liquidity risks for token holders.","heading":"FAF Token and Governance","severity":"medium","sources":[{"credibility":2,"name":"Flash.Trade (FAF) Price — CoinGecko","type":"research","url":"https://www.coingecko.com/en/coins/flash-trade"},{"credibility":3,"name":"Flash Trade Goes Futarchic — Medium (Algo Rhythmic)","type":"community_report","url":"https://medium.com/@brain.eight.cite/flash-trade-goes-futarchic-f1eecfd0ebf0"},{"credibility":2,"name":"What is Flash.Trade (FAF) — Bitget","type":"other","url":"https://www.bitget.com/price/flash.trade/what-is"}]},{"content":"No verified exploit, security breach, or unauthorized fund loss has been identified for Flash Trade in available public sources. No regulatory actions by the SEC, CFTC, DOJ, or equivalent bodies have been found. Flash Trade does not appear in major crypto hack or exploit databases including The Block's 2024 worst hacks list. The protocol is not subject to known sanctions screening flags (OFAC). No fraud allegations or scam reports traceable to the protocol itself (as opposed to generic terms like 'flash loan attacks' that share keywords) have been identified in Tier 1 or Tier 2 sources.","heading":"Exploits, Incidents, and Regulatory History","severity":"low","sources":[{"credibility":1,"name":"The 10 worst crypto hacks and exploits of 2024 — The Block","type":"news_article","url":"https://www.theblock.co/post/331626/crypto-hacks-exploits-2024"}]},{"content":"Flash Trade's smart contracts are a fork of the solana-labs/perpetuals reference implementation, released under Apache License 2.0. The protocol uses a pool-to-peer model rather than a traditional order book, offering up to 500x leverage with claimed near-zero slippage via oracle-priced execution. At Breakpoint 2025, CEO Anas Khader announced a partnership with MagicBlock to integrate ephemeral rollup technology, targeting sub-50ms trade settlement latency with no bridging or liquidity fragmentation required. The roadmap also includes permissionless on-chain order books and real-world asset (RWA) trading. MagicBlock's technical blog post corroborated the partnership and described the integration as a 'CEXY' (centralized-exchange-like) trading experience on Solana. These roadmap items had not shipped as of the available research period.","heading":"Technology and Roadmap","severity":"low","sources":[{"credibility":2,"name":"MagicBlock x Flash Trade: Accelerating the Future of High-Performance DeFi — MagicBlock","type":"news_article","url":"https://www.magicblock.xyz/blog/flashtrade/"},{"credibility":2,"name":"flash-trade/flash-perpetuals — GitHub","type":"official","url":"https://github.com/flash-trade/flash-perpetuals"},{"credibility":2,"name":"Flash Trade Breakpoint 2025 — Solana Compass","type":"news_article","url":"https://solanacompass.com/learn/breakpoint-25/product-keynote-flash-trade"}]}],"sources_used":[{"credibility":2,"name":"The Flash Trade Origin Story — Flash Trade Docs","type":"official","url":"https://docs.flash.trade/flash-trade/resources/the-flash-trade-origin-story"},{"credibility":2,"name":"Introduction — Flash Trade Docs","type":"official","url":"https://docs.flash.trade/flash-trade/"},{"credibility":2,"name":"Flash Trade Audits — GitHub","type":"official","url":"https://github.com/flash-trade/Audits"},{"credibility":2,"name":"flash-trade/flash-perpetuals — GitHub","type":"official","url":"https://github.com/flash-trade/flash-perpetuals"},{"credibility":2,"name":"Flash Trade on Solana: Project Review — Solana Compass","type":"research","url":"https://solanacompass.com/projects/flash-trade"},{"credibility":2,"name":"Breakpoint 2024: Product Keynote Flash Trade — Solana Compass","type":"news_article","url":"https://solanacompass.com/learn/breakpoint-24/breakpoint-2024-product-keynote-flash-trade-anas-khader"},{"credibility":2,"name":"Flash Trade Breakpoint 2025: Ephemeral Rollups — Solana Compass","type":"news_article","url":"https://solanacompass.com/learn/breakpoint-25/product-keynote-flash-trade"},{"credibility":2,"name":"FlashTrade TVL, Fees, Revenue and Volume — DeFiLlama","type":"research","url":"https://defillama.com/protocol/flashtrade"},{"credibility":2,"name":"Flash.Trade (FAF) Price — CoinGecko","type":"research","url":"https://www.coingecko.com/en/coins/flash-trade"},{"credibility":2,"name":"MagicBlock x Flash Trade — MagicBlock Blog","type":"news_article","url":"https://www.magicblock.xyz/blog/flashtrade/"},{"credibility":2,"name":"Flash Trade Co-Founder Anas — Sol Brothers Podcast — Solana Foundation","type":"official","url":"https://solana.com/podcasts/sol-brothers/episodes/the-fastest-and-cheapest-dex-on-solana-right-now-flash-trade-faf-co-founder-anas-2025-12-25"},{"credibility":2,"name":"Flash Trade Founders — Tracxn","type":"research","url":"https://tracxn.com/d/companies/flash-trade/__hQ89Tx0uzaFw2gWEgz6q55dRg6fb7dhlliV3AoMVCTQ/founders-and-board-of-directors"},{"credibility":2,"name":"Zoheb Shahzan — LinkedIn","type":"other","url":"https://www.linkedin.com/in/zoheb-shahzan-6a5844168/"},{"credibility":1,"name":"The 10 worst crypto hacks and exploits of 2024 — The Block","type":"news_article","url":"https://www.theblock.co/post/331626/crypto-hacks-exploits-2024"},{"credibility":2,"name":"FLP Tokens — Flash Trade Docs","type":"official","url":"https://docs.flash.trade/flash-trade/flash-trade/technical-architecture/flp-token"},{"credibility":2,"name":"Flash Trade — flash.trade homepage","type":"official","url":"https://www.flash.trade/"}],"summary":"Flash Trade (flash.trade) is a non-custodial, asset-backed perpetuals and spot exchange built on Solana, founded in early 2023 by Anas Khader and Zoheb Shahzan (previously of the Investin project). The protocol is bootstrapped, has undergone multiple third-party security audits, publishes an open-source reference implementation, and has processed over $20 billion in cumulative trading volume. No exploits, regulatory actions, or fraud allegations have been identified; primary risk factors are a modest TVL (~$10.7M), a low-cap governance token (FAF, ~$3.7M market cap), oracle dependency on Pyth Network, and limited public background on the founding team.","timeline":[{"date":"2022-11-01","event":"FTX collapses. Flash Trade founders continued building on Solana while most projects halted operations.","source":"The Flash Trade Origin Story — Flash Trade Docs","source_url":"https://docs.flash.trade/flash-trade/resources/the-flash-trade-origin-story"},{"date":"2023-01-01","event":"Flash Trade protocol founded on Solana by Anas Khader and Zoheb Shahzan.","source":"Flash Trade — Tracxn","source_url":"https://tracxn.com/d/companies/flash-trade/__hQ89Tx0uzaFw2gWEgz6q55dRg6fb7dhlliV3AoMVCTQ"},{"date":"2023-04-03","event":"First Halborn security audit completed (seven-week engagement covering Solana smart contracts).","source":"Flash Trade Audits — GitHub","source_url":"https://github.com/flash-trade/Audits"},{"date":"2023-10-01","event":"Flash Trade presents at Solana Breakpoint 2023 on asset-backed perpetuals and composability.","source":"Reviving DeFi on Solana — Solana Compass / Breakpoint 2023","source_url":"https://solanacompass.com/learn/breakpoint-23/breakpoint-2023-reviving-defi-on-solana-with-composability-and-asset-backed-perpetuals"},{"date":"2023-12-01","event":"Flash Beast NFT launch: 5,555 NFTs sold raising approximately $1.27 million for protocol development.","source":"The Flash Trade Origin Story — Flash Trade Docs","source_url":"https://docs.flash.trade/flash-trade/resources/the-flash-trade-origin-story"},{"date":"2024-03-20","event":"Second Halborn security audit completed covering updated flash contracts.","source":"Flash Trade Audits — GitHub","source_url":"https://github.com/flash-trade/Audits"},{"date":"2024-09-01","event":"Anas Khader presents at Breakpoint 2024. Protocol reports $11 billion in cumulative trading volume and $10M+ in fees, fully bootstrapped.","source":"Breakpoint 2024: Product Keynote — Flash Trade — Solana Compass","source_url":"https://solanacompass.com/learn/breakpoint-24/breakpoint-2024-product-keynote-flash-trade-anas-khader"},{"date":"2025-04-22","event":"Offside Labs security audit completed (engagement March–April 2025).","source":"Flash Trade Audits — GitHub","source_url":"https://github.com/flash-trade/Audits"},{"date":"2025-09-01","event":"Anas Khader presents at Breakpoint 2025. Roadmap includes ephemeral rollup integration with MagicBlock, permissionless order books, and real-world asset trading.","source":"Flash Trade Breakpoint 2025 — Solana Compass","source_url":"https://solanacompass.com/learn/breakpoint-25/product-keynote-flash-trade"},{"date":"2025-12-25","event":"Co-Founder Anas Khader appears on Solana Foundation's Sol Brothers podcast discussing Flash Trade's growth to become Solana's fastest and cheapest DEX.","source":"Sol Brothers Podcast — Solana Foundation","source_url":"https://solana.com/podcasts/sol-brothers/episodes/the-fastest-and-cheapest-dex-on-solana-right-now-flash-trade-faf-co-founder-anas-2025-12-25"}]},"v":1}

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