Hundreds of traders eagerly awaited Friday's "Community Update" from prop trading firm The Funded Trader (TFT). During the update, the CEO, Angelo Ciaramello, was expected to address the most pressing issues, including the growing queue of people waiting for their funds to be withdrawn.

However, traders did not learn many details, only discovering that all processes are slowed due to the industry's problems with the MetaTrader platform and migration to alternative solutions. As a result, TFT clients will be forced to wait another two to even four weeks to receive their funds.

TFT Has Not Suspended Withdrawals, but Has Implemented a Thorough “Internal Audit”, the CEO Stated

A growing number of people have suggested that TFT is an alleged scammer which does not pay out money to traders earning regularly, and there is speculation that the company does not have the money to make the payouts.

On the other hand, TFT claims that it only blocks withdrawals of those who use illegal trading strategies or who are suspected of gambling. During a live broadcast on YouTube, Ciaramello presented a graphic suggesting that in the first two months of 2024, TFT paid out over $17 million to clients while blocking withdrawals of just over $2 million during the same period.

"The payments were rejected due to KYC, due to any type of fraud, credit card fraud and any prohibited trading strategies," The CEO of Funded Trader commented during the live stream.

However, not everyone believes in TFT's line of defense. "Can you prove that much you PAID? No you can't," commented a Twitter user with the pseudonym Trade With Sehan. "You are rejecting payouts for consistent profitable traders since you know they will make more money next month also, scammers."

Ciaramello also referred to information that appeared in the middle of the week suggesting that the company is suspending withdrawals for some time due to an "internal audit".

As he explained, withdrawals have not been suspended, but the process has been significantly extended due to the thorough control of each individual withdrawal request. As a result, traders waiting in line for their funds will be forced to wait up to a month for a decision.

"There is going to be a comprehensive checklist of every single thing that needs to be checked off before the payout goes out," Ciaramello explained. "We are looking over for next two to four weeks to payout everyone who is approved and passes all our checks. We are doing everything very thoroughly and that is why the things are delayed."

Ciaramello also announced a "potential strategic partnership." Although he did not reveal any details, he only informed that it would be a "game changer" providing the institutional access the company is looking for.

After the live session ended, the discussion moved to TFT's Discord where Ciaramello answered clients' questions. There were quite a lot of them, at least several hundred, and the vast majority concerned delayed payouts.

However, Ciaramello responded to them in the same way: "Interesting case, let me check on it," or "we will do the best we can."

The long-announced Q&A and Community Update was supposed to dispel doubts, but it seems that even more questions have arisen. The company insists that it is not at fault, while more voices are appearing on social media suggesting that TFT are alleged scammers.

Ciaramello claims it is a "coordinated propaganda attack," and business continues as usual. After all, the company services over 80,000 accounts.