Two months after announcing a “suspension” of all operations and facing a large number of complaints about payment denials, The Funded Trader (TFT) has revealed that it has reached a “significant milestone” in its proprietary trading activities.

According to information posted on its official Discord channel and X (formerly Twitter), the proprietary firm has secured a new partnership that will allow it to unlock access to funds and settle all outstanding payments.

Money Trader announces return, but lacks specifics

A lengthy post on Discord, which was then partially shared on X, talked about a “path to redemption” and dealing with a “challenging environment,” but didn't reveal which of the two new partners would be able to unlock access to the firm's funds and its payouts. The new partners were able to unlock funds for the firm and its traders.

On Discord, the statement is signed “The Funded Trader Admin” and is attributed to Angelo Ciaramello. According to TFT's official website, he is still the company's CEO.

An important update concerns further payments, which will be processed through cryptocurrency payment platform Rise Works.

“For those who have been waiting for a transaction since we suspended operations, you will receive payment to the crypto address you requested at the time,” TFT commented. “For those who requested payment on accounts purchased or gifted after April 18th, please be assured that we are deploying other available methods, including an expanded range of cryptocurrency options (ERC20, TRC20, and POLYGON Networks), to fulfill these obligations.”

The update also revealed that the affiliate program remains suspended and will only resume once all payments are settled. To date, the company has settled payments for 44% of affiliates, 28% of traders and 52% of suspended accounts.

The company claims to have paid $17 million to customers in the first two months of 2024, but angry traders say they have not received any money.

Will moving to the Cayman Islands solve the problem?

At the end of March, TFT, founded and led by Ciaramello, announced that it had been forced to suspend all operations after a series of allegations that it was preventing customers from making payments.The platform went back online in mid-April, but the issue of non-payment has not been resolved.

A month ago, The Funded Trader also announced that it was “in the process of transferring its operations to an entity located in the Cayman Islands”, which aims to ensure the distribution of all outstanding payments. This information was also confirmed in the latest update.

The relocation is not yet finalized, but is still in progress.

In its latest statement, TFT concluded, “Together we stand on the brink of a new chapter, one that heralds not only recovery but also new prosperity. Thank you all for your unwavering trust and cooperation.”

What did users themselves think of the announcements?

Questions like, “Did you finally open the comments section?” “Where's your midget CEO Angelo hiding?” and “Send me my 38K pending payments, clowns” have increased significantly, showing the frustration and helplessness of TFT's customers.