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.
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.
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.
