Prop Trading Firm The Funded Trader Promises Comeback: "Pivotal Moment in Our Recovery"
Two months after announcing a “pause” to all operations and facing mass complaints about payout denials, The Funded Trader (TFT) has revealed that it has reached a "significant milestone" in its prop trading activities.
According to information published on its official Discord channel and X (formerly Twitter), the prop firm has secured new partnerships that will allow it to unlock access to funds and settle all outstanding payments.
The Funded Trader Announces Comeback, But Lacks Specifics
However, the firm did not provide any specifics. A very long post on Discord, which was then shared in parts on X, talks about a "path toward redemption" and navigating a "challenging landscape," but it does not reveal who the new partners are that have enabled the unlocking of funds belonging to the company and its traders.
The Funded Trader@thefundedtraderMay 24, 2024We're thrilled to announce a significant milestone in our journey! We've secured new partnerships, unlocking access to our funds and paving the way to clear our backlog of payouts and accounts owed. This does not mean it will happen tomorrow, but is an important step towards our…
On Discord, the statement was signed as "The Funded Trader Admin," supposedly by Angelo Ciaramello, who, according to TFT's official website, still serves as the company’s CEO.
An important update concerns further payouts, which are to be processed through Rise Works, a cryptocurrency payment platform.
"For those awaiting transactions since our operational pause, you will be receiving your payout to the crypto address you requested at that time," TFT commented. "For those who are requesting payouts on accounts purchased or given after April 18th, rest assured that we are deploying additional available methods, including an expanded range of cryptocurrency options (ERC20, TRC20, and POLYGON Networks), to fulfill these obligations."
The latest information also reveals that the affiliate program remains suspended and will only resume once all payments have been settled. To date, the company has resolved 44% of affiliates, 28% of traders, and 52% of paused accounts payouts.
The Funded Trader@thefundedtraderMay 24, 2024🔧 We're working 24/7 to release all pending accounts and payouts. So far, we've fulfilled 44% of affiliate payouts, 28% of trader payouts, and 52% of paused accounts since we paused operations. This is taking longer then we hoped, but nonetheless it will get done. #Commitment…
The company asserted that in the first two months of 2024, it paid its clients $17 million, yet the raged traders indicated that they had not received any money.
Relocation to the Cayman Islands as a Solution to Problems?
At the end of March, after a wave of accusations of blocking client payouts, TFT, founded and led by Ciaramello, announced that it was forced to suspend all its operations. In mid-April, the platform was reactivated, but the problem of unpaid funds was not resolved.
A month ago, The Funded Trader also announced that it is "in the process of transitioning its operations to an entity located in the Cayman Islands," which was supposed to ensure the distribution of all pending payouts. This information was also confirmed in the latest update.
The relocation has not yet been finalized but is still ongoing.
"Together, we stand on the brink of a new chapter, one that holds promise not just for recovery but for flourishing anew. Thank you for your enduring faith and partnership," TFT concluded in its latest statement.
What do the users themselves think of the announcements?
Comments such as "Have you finally opened the comment section?", "Where's your midget CEO Angelo hiding?" and "Send my $38K pending payouts, Clowns" are significantly more numerous, showing the frustration and helplessness of TFT clients.