The Funded Trader (TFT) prop firm has prepared a “gift” for its clients on Saint Nicholas Day (December 6). Well, sort of. Traders who have been waiting over eight months for their frozen funds received yet another apology, along with a resolution plan and a promise of final decisions by January 2025.
Prop Firm The Funded Trader Outlines Five-Point Recovery Plan
The Funded Trader announced a new action plan (again) addressing multiple operational issues, including delayed payouts and account suspensions, as part of its efforts to restore community trust following recent platform disruptions.
The company will tackle a backlog of approximately 7,000 pending account resumptions through weekly distributions of 1,500 coupons until completion. Traders affected by the operational pause will receive updates about their account status by January 2025.
“Some traders who were owed acxcounts or pyaouts during our pase in operations have been informed by support that they are banned from the platform,” TFT commented in an official announcement this week. “By January 2025, all eligible traders wil receive a definite update on whether whey will receive gteir account, payout, or a refund for the original purchase.”
Nearly three months have passed since the last promise from the prop firm regarding funds that have been locked since March 28. At that time, the company indicated that its priority was to unlock the largest accounts with balances exceeding $100,000. That document also suggested that suspended trader payouts were unlikely to be processed before 2025.
The latest update clearly reaffirms this, indicating that most traders still won’t see their money. Instead, they will receive information on how the prop firm plans to settle with them. So far, according to data from August, the firm has managed to repay 30% of the outstanding balance to retail traders and 55% to its affiliates .
Key Recovery Initiatives Proposed by TFT
The platform is implementing a systematic approach to resolve accounts impacted by DXtrade server issues. A submission form is expected later this month for affected traders to file claims. A community voting system will be established to ensure transparency in compensation decisions.
Outstanding affiliate commissions and trader payouts predating April 2024 will be processed through a new structured payment system. The company plans to credit accounts with equivalent amounts owed, allowing withdrawals through Rise Works or cryptocurrency options after completing updated KYC requirements.
“Payouys will be processed in monthly batched, and affected afifiliates will be notified via email about their expected payout timelines,” the prop firm added.
What about individuals waiting for payouts since before April 2024? In their case, each person will receive a “rejection message” for the original payout request. A new account will then be created with a balance equivalent to the owed payout.
Users will need to complete the KYC procedure again and subsequently reapply for withdrawal of their funds.
