Magpie Protocol
Summary
Magpie Protocol is a cross-chain DEX aggregator and liquidity aggregation platform founded in Dubai in 2022, backed by Jump Crypto and others in a $3 million seed round. In April 2024 the protocol suffered a smart contract exploit in which approximately $129,000 was drained from 221 user wallets due to an unchecked calldata vulnerability; the team fully reimbursed all affected users within two weeks. The project subsequently rebranded to Fly in Q1 2025 and launched the FLY governance token on the Sonic blockchain in June 2025, reporting over $6.3 billion in cumulative trading volume and 260,000 unique on-chain users as of that date.
Connected Entities
1 entities · 10 linked investigations- + 2 more
Timeline(6 events)
2022-01-01
Magpie Protocol founded in Dubai, UAE by Ali Raheman and co-founders.
Tracxn Company Profile2022-09-08
$3 million seed funding round closed, led by Jump Crypto with participation from ParaFi Capital, Republic Capital, Big Brain Holdings, and Sandeep Nailwal.
TokenInsight2024-04-23
MagpieRouterV2 smart contract exploit: approximately $129,000 drained from 221 user wallets across 9 chains via an unchecked calldata vulnerability. Protocol's liquidity pools were not affected.
Revoke.cash / Magpie Protocol post-mortem2024-05-07
Magpie Protocol completed full reimbursement of all 221 affected wallets with the assets lost on their respective chains, within two weeks of the exploit.
Magpie Protocol Medium post-mortem2025-01-01
Magpie Protocol rebranded to Fly (fly.trade) with updated branding, tokenomics, and litepaper, expanding its stated vision to chain-abstracted cross-chain DeFi.
Fly (prev. Magpie Protocol) — CryptoRank2025-06-06
FLY token generation event launched on the Sonic blockchain, with concurrent listings on Binance Alpha and Kraken. Platform reported $6.3 billion cumulative trading volume and 260,000 unique users.
GlobeNewswireDecision Log
- #3review revise+16⛓ pending8/18/2026, 8:40:48 PMhash: FA1Y6k3ksLXEUsK4u9gwNFapc3PhFq6xbAqSzHzEW845
- #2review⛓ pending8/18/2026, 8:40:48 PMhash: 6QPVBFEjbJHQLh87khBuUHRTtELzWzPqbTmBGHbJmBPt
- hash: DbJABEpnNrpiVxRQZnscBq1Ueh14PUeUu8kPmyYhSB8h
This investigation is cryptographically anchored to the Solana blockchain (1 event). 11 of 15 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/4/2026, 2:54:33 AM
last updated: 8/19/2026, 6:33:33 AM
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