Two months after announcing a “pause” of all operations and facing mass complaints over payment refusals, The Funded Trader (TFT) has revealed that it has reached a “significant milestone” in its prop trading activities.
According to information posted on its official Discord channel and X (formerly Twitter), the support company has obtained new partnerships that will allow it to open access to funds and settle all outstanding amounts. Payments
Payments
One of the foundations of means of exchange in the modern world, payment represents the transfer of legal tender or its equivalent from one party in exchange for goods or services to another entity. The payments industry has become one of the pillars of modern commerce, although the players involved and the means of exchange have changed significantly over time. In particular, the party making the payment is referred to as the payer, where the payee reflects the individual or entity receiving the payment. Premium. The most common
One of the foundations of means of exchange in the modern world, payment represents the transfer of legal tender or its equivalent from one party in exchange for goods or services to another entity. The payments industry has become one of the pillars of modern commerce, although the players involved and the means of exchange have changed significantly over time. In particular, the party making the payment is referred to as the payer, where the payee reflects the individual or entity receiving the payment. Premium. The most common
Read this term.
However, the company did not provide any details. A very long post on Discord, which was then shared in parts on
We are excited to announce an important milestone in our journey! We have secured new partnerships, opening the door to access to our funds and paving the way for clearing our backlog of payments and outstanding accounts. This does not mean that it will happen tomorrow, but rather it is an important step towards our goal.
— Funded Trader (@thefundedtrader) May 24, 2024
In Discord, the statement was signed as “The Funded Trader Admin,” presumably by Angelo Ciaramello, who, according to TFT’s official website, still serves as the company’s CEO.
An important update concerns additional payments, which will be processed through Rise Works, a cryptocurrency payment platform.
“For those waiting for transactions since our operational shutdown, you will receive your payment to the cryptocurrency address you requested at that time,” TFT commented. “For those requesting payments on accounts purchased or made after April 18, rest assured that we are rolling out additional methods available, including an expanded range of cryptocurrency options (ERC20, TRC20, POLYGON Networks), to make these payments happen.” Commitments
Commitments
In finance, a commitment is a financial responsibility where the terms of a contract must be met. If compliance between the parties fails, the defaulting party may face legal action. In this scenario, the guilty party would not only have to agree to pay the specified amount to fulfill the contractual arrangement, but may also be responsible for covering all costs of the legal proceedings. Routine payments or outstanding debts of any kind are financial obligations, so if someone owes you…
In finance, a commitment is a financial responsibility where the terms of a contract must be met. If compliance between the parties fails, the defaulting party may face legal action. In this scenario, the guilty party would not only have to agree to pay the specified amount to fulfill the contractual arrangement, but may also be responsible for covering all costs of the legal proceedings. Routine payments or outstanding debts of any kind are financial obligations, so if someone owes you…
Read this term“.
The latest information also reveals that the affiliate program is still suspended and will resume only after all payments are settled. To date, the company has resolved 44% of affiliates, 28% of traders, and 52% of paused account payments.
🔧 We work 24/7 to release all pending accounts and payments. So far, we've generated 44% of affiliate revenue, 28% of trader revenue, and 52% of paused accounts since we paused operations. This will take longer than we hoped, but it will get done nonetheless. #commitment…
— Funded Trader (@thefundedtrader) May 24, 2024
The company confirmed that it paid its clients $17 million during the first two months of 2024, but angry traders indicated that they did not receive any money.
Moving to the Cayman Islands as a solution to problems?
At the end of March, after a wave of accusations of blocking customer payments, TFT, founded and run by Ciaramillo, announced that it had to suspend all its operations. In mid-April, the platform was reactivated, but the issue of unpaid funds was not resolved.
A month ago, Funded Trader also announced that it was “transferring its operations to an entity located in the Cayman Islands,” which was supposed to ensure the distribution of all outstanding payments. This information has also been confirmed in the latest update.
The transfer has not yet been completed, but is still ongoing.
“Together, we stand on the brink of a new chapter, one that holds the promise not only of recovery but of thriving again,” TFT concluded in its final statement. “Thank you for your enduring faith and partnership.”
What do users themselves think about ads?
Send me my pending payment of $38k you clowns
— Trade with Sehan (@TradeWithSehan) May 25, 2024
Comments like “Did you finally open the comments section?”, “Where is Angelo, your troll CEO hiding?” and “Send my pending payment of $38,000 you clowns” are significantly more numerous, illustrating the frustration and helplessness of TFT customers.
Two months after announcing a “pause” of all operations and facing mass complaints over payment refusals, The Funded Trader (TFT) has revealed that it has reached a “significant milestone” in its prop trading activities.
According to information posted on its official Discord channel and X (formerly Twitter), the support company has obtained new partnerships that will allow it to open access to funds and settle all outstanding amounts. Payments
Payments
One of the foundations of means of exchange in the modern world, payment represents the transfer of legal tender or its equivalent from one party in exchange for goods or services to another entity. The payments industry has become one of the pillars of modern commerce, although the players involved and the means of exchange have changed significantly over time. In particular, the party making the payment is referred to as the payer, where the payee reflects the individual or entity receiving the payment. Premium. The most common
One of the foundations of means of exchange in the modern world, payment represents the transfer of legal tender or its equivalent from one party in exchange for goods or services to another entity. The payments industry has become one of the pillars of modern commerce, although the players involved and the means of exchange have changed significantly over time. In particular, the party making the payment is referred to as the payer, where the payee reflects the individual or entity receiving the payment. Premium. The most common
Read this term.
However, the company did not provide any details. A very long post on Discord, which was then shared in parts on
We are excited to announce an important milestone in our journey! We have secured new partnerships, opening the door to access to our funds and paving the way for clearing our backlog of payments and outstanding accounts. This does not mean that it will happen tomorrow, but rather it is an important step towards our goal.
— Funded Trader (@thefundedtrader) May 24, 2024
In Discord, the statement was signed as “The Funded Trader Admin,” presumably by Angelo Ciaramello, who, according to TFT’s official website, still serves as the company’s CEO.
An important update concerns additional payments, which will be processed through Rise Works, a cryptocurrency payment platform.
“For those waiting for transactions since our operational shutdown, you will receive your payment to the cryptocurrency address you requested at that time,” TFT commented. “For those requesting payments on accounts purchased or made after April 18, rest assured that we are rolling out additional methods available, including an expanded range of cryptocurrency options (ERC20, TRC20, POLYGON Networks), to make these payments happen.” Commitments
Commitments
In finance, a commitment is a financial responsibility where the terms of a contract must be met. If compliance between the parties fails, the defaulting party may face legal action. In this scenario, the guilty party would not only have to agree to pay the specified amount to fulfill the contractual arrangement, but may also be responsible for covering all costs of the legal proceedings. Routine payments or outstanding debts of any kind are financial obligations, so if someone owes you…
In finance, a commitment is a financial responsibility where the terms of a contract must be met. If compliance between the parties fails, the defaulting party may face legal action. In this scenario, the guilty party would not only have to agree to pay the specified amount to fulfill the contractual arrangement, but may also be responsible for covering all costs of the legal proceedings. Routine payments or outstanding debts of any kind are financial obligations, so if someone owes you…
Read this term“.
The latest information also reveals that the affiliate program is still suspended and will resume only after all payments are settled. To date, the company has resolved 44% of affiliates, 28% of traders, and 52% of paused account payments.
🔧 We work 24/7 to release all pending accounts and payments. So far, we've generated 44% of affiliate revenue, 28% of trader revenue, and 52% of paused accounts since we paused operations. This will take longer than we hoped, but it will get done nonetheless. #commitment…
— Funded Trader (@thefundedtrader) May 24, 2024
The company confirmed that it paid its customers in the first two months of 2024 the amount of $17 million, but angry merchants indicated that they did not receive any money.
Moving to the Cayman Islands as a solution to problems?
At the end of March, after a wave of accusations of blocking customer payments, TFT, founded and run by Ciaramillo, announced that it had to suspend all its operations. In mid-April, the platform was reactivated, but the issue of unpaid funds was not resolved.
A month ago, Funded Trader also announced that it was “transferring its operations to an entity located in the Cayman Islands,” which was supposed to ensure the distribution of all outstanding payments. This information has also been confirmed in the latest update.
The transfer has not yet been completed, but is still ongoing.
“Together, we stand on the brink of a new chapter, one that holds the promise not only of recovery but of thriving again,” TFT concluded in its final statement. “Thank you for your enduring faith and partnership.”
What do users themselves think about ads?
Send me my pending payment of $38k you clowns
— Trade with Sehan (@TradeWithSehan) May 25, 2024
Comments like “Did you finally open the comments section?”, “Where is Angelo, your troll CEO hiding?” and “Send my pending payment of $38,000 you clowns” are significantly more numerous, illustrating the frustration and helplessness of TFT customers.
