The Funded Trader (TFT), a proprietary trading firm, shared a new update on Saint Nicholas Day (December 6), addressing ongoing delays in payouts and account resumptions. While clients have waited months for access to their frozen funds, TFT offered another apology alongside a revised recovery plan. The firm promised definitive resolutions by January 2025 for traders affected by the prolonged issues.
Eight-Month Wait for Frozen Funds
Some traders have been waiting since late March for their funds, with TFT citing operational disruptions as the cause of delays. In a statement released this week, the firm outlined a five-point recovery plan aimed at resolving pending account resumptions and payouts. According to the update, TFT will process approximately 7,000 pending account requests in batches of 1,500 weekly until the backlog is cleared.
The update also acknowledged that some traders, previously owed accounts or payouts, were informed by support that they had been banned from the platform. The firm stated that by January 2025, all eligible users would receive clear updates on whether they will regain access to their accounts, receive payouts, or be issued refunds for initial purchases.
Recovery Plan Highlights
The firm introduced several key initiatives aimed at restoring community trust:
- Pending Account Resumptions: TFT plans to resolve all suspended accounts affected by DXtrade server issues through a systematic process. A submission form for claims will be released later this month, allowing traders to request resolutions.
- Transparency and Community Input: A community voting system will be introduced to ensure fair and transparent compensation decisions.
- Structured Payment System: Outstanding trader payouts and affiliate commissions predating April 2024 will be credited to user accounts. Funds will be accessible for withdrawal via Rise Works or cryptocurrency options, subject to updated Know Your Customer (KYC) procedures.
- Monthly Payout Batches: Payouts will be processed in monthly installments, and affected affiliates will be informed of their timelines via email.
For traders awaiting payouts since before April 2024, TFT revealed that these requests will be officially “rejected.” Instead, equivalent balances will be credited to new accounts, enabling users to reapply for withdrawal after completing the KYC process.
Payout Challenges Persist
This marks the latest in a series of updates from TFT, which previously pledged in late August to prioritize large accounts with balances exceeding $100,000. To date, the firm claims to have repaid 30% of its outstanding balances to retail traders and 55% to affiliates. However, most affected clients remain in limbo, awaiting further clarity on their funds.
The new action plan offers a structured approach but does little to ease frustrations for traders who have endured months of uncertainty. With the next milestone set for January 2025, clients are left hoping that the firm will finally deliver on its promises.
