FT's CEO said in a livestream, "The news I'm about to share might not be what you're hoping for." The traders respond that they haven't gotten the $17 million that the corporation claims it distributed in 2024.

On Friday, traders eagerly anticipated the "Community Update" from proprietary trading business The Funded Trader (TFT). Investors anticipated that Angelo Ciaramello, the CEO, would address important issues during the update, including the growing number of customers waiting to withdraw their funds.

However, the only information traders received was that all procedures had slowed down due to industry-wide issues with the MetaTrader platform and the switch to alternative solutions. As such, TFT customers will have to wait a further two to four weeks to get their money. People are beginning to believe that TFT, which purports to not pay traders on a regular basis, is a fraud, and there is a lot of conjecture that the company doesn't have the money to pay out. 

TFT, on the other hand, claims that it only prevents withdrawals from people who it believes are engaging in gambling or illicit trade. Ciaramello showed a visual during a live YouTube broadcast that showed TFT blocked slightly more than $2 million in withdrawals in the first two months of 2024 but gave out over $17 million to customers in the same period. During the live stream, Funded Trader CEO Ciaramello stated, "Payments were rejected due to KYC, any form of fraud, credit card fraud, and any prohibited trading strategies.

Ciaramello also refuted rumors from midweek that said the corporation was temporarily suspending withdrawals because of an "internal audit." He clarified that despite the continued withdrawals, the process has taken significantly longer than anticipated due to the meticulous examination of each withdrawal request. Traders who are waiting for their monies will therefore have to wait for a decision for up to one month. 

Ciaramello clarified, "Before issuing the payout, there will be a comprehensive checklist of everything that needs verification." "We anticipate issuing checks to all those who pass and receive approval within two to four weeks." The reason for the delays is that we are being extremely meticulous. 

Ciaramello referred to a "possible strategic partnership" as well. He stated that it would be a "game changer," providing the institutional access the company desires, but he didn't provide any details. Following the live session, the conversation moved to TFT's Discord channel, where Ciaramello answered inquiries from customers. At least a few hundred inquiries were made, most of which had to do with compensation delays.

Ciaramello did, however, always respond with the phrases "interesting case, let me check on it" or "we will do our best." Though it was intended to allay concerns, the much-awaited Q&A and community update appear to have created even more confusion. The business insists it is innocent, but more people on social media are accusing TFT of being con artists.

Ciaramello said that it's a "coordinated propaganda attack" and that things will carry on as usual. Ultimately, the organization caters to more than 80,000 accounts.