Five months after pausing operations, proprietary
trading firm The Funded Trader has released an update on its efforts to
relaunch products and stabilize operations. The company claims to have sent out
30% of the payouts owed to traders and processed 55% of affiliate payouts.
Efforts to Restore Operations
In a statement on X, the company also mentioned that
it has sent out 70% of the accounts owed to traders and addressed accounts
breached due to inactivity in 2024. The prop trading firm is reportedly
reviewing 2023 activities to identify traders eligible for account restoration.
“We want to provide and important updates regarding
our recent efforts and challenges. Over the past five months, we have been
working diligently to stabilize our operations, relaunch our products, and
fulfill our commitment to all traders who have continued to support us by
purchasing new challenges and redeeming coupons from our relaunch,” The Funded Trader mentioned.
👑 IMPORTANT UPDATE 👑 pic.twitter.com/6iFOTFL4C7
— The Funded Trader (@thefundedtrader) August 21, 2024
Besides that, The Funded Trader updated users that it
is addressing issues related to traders whose accounts were breached in March
and those on DXTrade who were “wrongfully breached” due to server errors.
Addressing Key Issues
The prop firm is also considering affiliate payouts
that were denied due to risk reviews and accounts that were banned due to risk
reviews that need to be reassessed. “Please be aware that while we are currently operating
without live chats, our ticketing system is fully functional, and our dedicated
team is working around the clock to address your concerns,” The Funded Trader
added.
In March, The Funded Trader faced complaints for
payout denials shortly before “temporarily pausing all operations” with
promises to relaunch its services.
I wanted to address you all personally. You have been the lifeblood of TFT. You have fought in battle with me day in and day out for years. You have participated in one of the greatest movements in history and have delivered to me what I dreamed of, this community. Being in the…
— The Funded Trader (@thefundedtrader) March 28, 2024
Angelo Ciaramello, the Chief Executive Officer of The
Funded Trader, mentioned: “In pausing our operations, we will be relaunching
the brand but with a slightly different look and feel. Over the coming week, we will post updates on what
this will look like and how this decision affects everyone involved. The
relaunch of TFT is coming, and earning your trust will be difficult, but we
know what it takes.”
Interestingly, the troubled prop trading firm announced plans to launch a new entity called The Futures Traders, aimed at futures market traders, last month. Although the company has yet to disclose more details, clients and traders have criticized this initiative.
This article was written by Jared Kirui at www.financemagnates.com.
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