Prop Trading Firm The Funded Trader Promises Comeback and New Partnerships

Prop Trading Firm The Funded Trader Promises Comeback and New Partnerships

Time Stamp: May 26, 2024 10:51 AM
Source Node: 2585218

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 .

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.

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 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.

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 .

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.

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 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.

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