Thinly slice shallots and place in a bowl of water and ice cubes, making sure the shallot is submerged. Let sit for about 15 minutes. Remove from the water and pat dry with a paper towel.
Heat 1 tbsp olive oil in a pan and toast bread until golden brown. Season with 1/2 teaspoon kosher salt and set aside.
In a small bowl, whisk together olive oil, lemon juice, vinegar, red chili flakes, garlic, salt and pepper to taste.
Add tomatoes, peaches, toasted bread, basil leaves, shallots and dressing in a bowl and toss with your hands to coat evenly. Season to taste and enjoy!