So I got a Vox VT50 about two months ago and it all seemed pretty fine. But yesterday while I was playing the sound cut off and all of the lights on the amp seemed to start flashing in like a wave starting from the right and then going to the left and it continued to flicker like this untill I turned one of the knobs.

Does anyone know what the problem could be? It happened again a few minutes ago.
It's hard to say but it appears to be software related.

I would recommend resetting the software in the amp. I cannot remember the procedure to do so but I'm sure you can find it in the manual. I have an older AD series Vox amp and I had to do this once.

Be forewarned however, when you do the reset you'll lose any patches you've created.
1979 Gibson Les Paul Silverburst
James Tyler Variax JTV89
Schecter C1 Classic
Ibanez RG520QS
Greg Bennett Torino TR4

Mesa Boogie Dual Rectifier
GSP1101 & Pod X3 Pro
Peavey 5150 & JSX
Bugera 6262 & 333XL
Carvin V3
Spider Valve HD100