The Funded Trader, a prop trading firm that halted payouts and temporarily suspended services for three weeks, came back online last week and is now in the process of moving its base from the United States to the Cayman Islands.

“The Funded Trader LLC, headquartered in the USA, is currently in the process of transitioning its operations to an entity located in the Cayman Islands. This transition will result in a change in the ownership structure and the operational location of the company.”

👑 OFFICIAL ANNOUNCEMENT 👑

Please review this announcement in it's entirety, the topics covered are Transition and Vision, Internal Improvements, Revamped Customer Support, Product Changes, Actions for Active Accounts, Commitment to the Future

Please be aware that all emails… pic.twitter.com/NXcyATYQPg

— The Funded Trader (@thefundedtrader) April 18, 2024

Same or New Owners?

However, the company did not clarify whether its ownership remains the same or whether Easton Consulting Technologies had sold the business.

Interestingly, Angelo Ciaramello, who controls Easton and The Funded Trader as the CEO, removed the mentions of The Funded Trader from his X (formerly Twitter) bio. On LinkedIn, his profile shows that he was the CEO of The Funded Trader from April 2021 until March 2024. However, there are no official announcements of his departure from the platform.

Ciaramello, who otherwise was very active on social media, did not post about the relaunch of The Funded Trader. Finance Magnates reached out to Ciaramello for clarification but has not received any response as of press time.

@thefundedtrader is now back online Right now coupons, charity are being given? Honestly makes no sense - alongside with this accounts been terminated, breached and no payouts hit.
https://t.co/6g68Pbwbt7
Bruh... lol

— Dan Cheung (@wannabechamp) April 24, 2024

‘Restructuring to Share the Profits to Charity’

Interestingly, The Funded Trader is “taking steps” to restructure its business to share profits with charitable causes only.

“Furthermore, we are taking steps to determine how we can restructure the business so that profit is reserved for charitable causes only,” the announcement noted.

Before the temporary shutdown, The Funded Trader faced dozens of allegations of payout denials. While Ciaramello dismissed these allegations as “propaganda,” the platform later acknowledged suspending payouts for a “self-imposed internal audit,” only to suspend services shortly after.

Coordinated propaganda attack against @thefundedtrader ? Sounds about right.

New Judge Judy episode dropping soon 🧑‍⚖️

— Angelo Ciaramello (@savedbyfx) March 13, 2024

In the latest announcement, the platform ensured that “accounts with pending payouts will receive their payments… according to a defined schedule.”

However, there is a setback for the active account holders as all of them, including the ones with challenge and funded accounts, will need to restart from the challenges.

“Accounts without pending payouts will receive a 100% off coupon for a new Phase 1 account according to the same parameters as the Challenge accounts,” the announcement noted. “All users will receive coupons to gain access to an account for the relaunch. There will be no migrations for old accounts.”