Dubai-based commercial products company Funded Engineer issued a series of updates over the weekend to its customer base (and the general public), following reports last week that Funded Engineer was being cut from its main technology provider, FPFX Technologies.
The updates, issued on X (formerly Twitter), also shed light on some of the other issues Funded Engineer is dealing with beyond FPFX revoking the license for its technology that was (previously) provided to the prop trading company, and the fraud scheme allegations made by FPFX against the company.
Funded Engineer reported that its broker, Purple Trading Seychelles (the CySEC licensed offshore arm of Purple Trading), has also suspended MT4 and MT5 services for the company (reportedly along with all props) as of today, 12 February. The company noted that it has other broker options “immediately available.” To date Funded Engineer has only worked with one broker (supposedly to keep costs down), but said it can “easily onboard” additional brokers, specifically naming brokers ThinkMarkets and Blueberry.
Regarding the replacement of the FPFX technology backbone, Funded Engineer stated that it was already working on its own technology and that its contract with FPFX was ending anyway, but that it was going to be transferred in a few months. With FPFX’s move, Funded Engineer has indicated that it will be ready with it (ie its own technology) in about a week.
In later tweets, the Funded Engineer said she is working diligently to get things up and running as quickly as possible and is scheduled to be “sorted” by Tuesday (Wednesday after testing). Pending any major damage, the company said it should be within its original one-week estimate of how long it would last.
Regarding the fraud allegations made by FPFX, Funded Engineer said it wants to assure its clients that it is taking this matter with the utmost seriousness. The company said that while a “potential legal case” has been made, the company is unable to disclose further details publicly at this time.
Funded Engineer also provided a number of specific updates for clients who had open positions and floating P&Ls.
Tweets issued by the Funded Engineer include the following:
February 8 2:26 am (Dubai time). Today, without warning or discussion, the dashboard provider for Funded Engineer has decided to terminate our services, remove us from all of our chat history and conversations, and turn off the tech lights from our business. In addition, again without communication, it was decided to launch a negative PR campaign – for which no one has contacted us for comment. We are working diligently to resolve this issue and will take all necessary steps to restore our business to success. In the meantime, please be patient and we’ll keep everyone updated as more information becomes available on how we’re going to proceed.
February 8 2:53 am Hello everyone, Thank you for your patience with us during this difficult time. As you know, we were already working with our own technology and at the end of our contract with FPFX we were going to migrate again (this was going to happen in a few months). Our Funded Engineer technology wasn’t quite ready, we were putting the finishing touches on it. We’ll be ready with it in about a week. In the meantime, since there is no means to analyze the trading accounts and their rules, we unfortunately have to close all existing trades and disable trading. Maintaining the status of the accounts as they are. We will make sure to do this to our existing dealers as we get you to install the new control panel as we really appreciate your support and patience on this matter. We will keep the lines of communication open and keep everyone updated as more information becomes available. Once again thank you for your patience, forbearance and kindness. And finally, we requested a list of pending payments from FPFX so we could pay them. Once we have that list, payments will go to everyone.
February 8 3:46 am Hi everyone, Thank you again for your patience and understanding. We are working diligently to get things up and running as quickly as possible. We are currently scheduled to be sorted by Tuesday next week (Wednesday after tests). Pending any significant damage, we should be within our original weekly forecast for how long it will last. During this process you may see some strange things as we migrate the databases. Please ignore them. As soon as we’re back up and running, and in case something isn’t right, we’ll fix it. We’ll also have a surprise when things are sorted, which is a positive thing to give back to the community. We look forward to showing you how far we’ve come with our new robust infrastructure and our ability to fully customize it and drive advancements forward.
February 9 19:05. Firstly, I am pleased to inform you that everything is progressing as planned and we are on track to launch full services by next week. I want to express my sincere gratitude to each and every one of our team for their hard work and dedication during this busy period. I also want to thank everyone who supported us. Your patience and supportive words did not go unnoticed. I have been really encouraged by the overwhelming amount of positive feedback we have received in our communications so far. Your input is invaluable and we are committed to maintaining open and transparent communication channels in the future. Therefore, we will continue to provide daily announcements to update everyone on our progress.
BALANCE AND INDEMNIFICATION
Regarding balances and refunds, please be assured that we are actively working to find the best solutions. Our development team is working tirelessly around the clock to address the complexities involved in migrating over 40,000 accounts with balances, emails and names. While this is indeed a major undertaking with many moving parts, we are dedicated to ensuring that everything is handled efficiently and accurately.
WINNING PROFITS
Regarding concerns about fluctuating profits and losses, we understand the importance of resolving these issues in a timely manner. We are currently strategizing logistics and will provide updates over the weekend.
CLAIMS
Regarding the charges, I want to assure you that we are taking this matter with the utmost seriousness. Although a potential legal case has been made, we are unable to disclose further details publicly at this time. There will be updates on various topics, but please continue to be patient as we navigate our current workload. Your understanding and support is greatly appreciated.
PURPLE TRADE
As for Purple Trading, please note that they will be suspending MT4 and MT5 services for all props from February 12th. This not only affects us but the entire support company community. However, we have already acquired a forex license as well as a MetaQuotes license, which will allow us to continue offering MT5 services to all clients except US citizens and residents. Rest assured, we are actively working on a solution for our US-based customers as well.
US CITIZENS
When it comes to US citizens, it’s important to be transparent. MT5 services for US citizens and residents. they will be discontinued soon, not only for us but for the entire bait industry within the next 2 to 8 weeks.
BROKER OPTIONS
When it comes to our broker options, remember that we have other options readily available. While we currently operate with one broker to keep costs down, we can easily re-integrate additional brokers such as Think Markets and Blueberry as needed. Our ability to offer multiple options depends on cost, but please know that we prioritize cost-effectiveness to provide the best possible service to our customers. Thank you once again for your hard work and dedication. I look forward to sharing more updates with you soon.
February 10, 9:32 pm Daily check-in to keep everyone updated. Account migration has begun and will continue throughout the weekend. We are currently collating the numbers to determine compensation. A comprehensive update on this matter will be announced tomorrow. Anyone with a pending payment will receive full payment and those with upcoming payments will still be honored on the scheduled day. We remain on track to start between Tuesday and Wednesday. If someone is uncomfortable with the situation and prefers a refund, we can issue you one. Thank you all for your patience.
February 10, 23:13. I would like to let you know that if your account is in withdrawal, both in phase 1 and phase 2, it will be reset to the original account balance once we return this next week. If your trading account has a profit, it will be transferred to the new dashboard and retained. However, if you choose to refund now, the account will be compromised. If you decide to buy again in the future, it will revert to the original balance. number : Crypto Address If you paid via Crypto (USDT-TRC20 or USDT-ERC20 only) The refund process on our end will be 24-72 hours business days and may take up to 3-10 days to reflect your bank. If you paid via crypto, we will also refund you via crypto, which will take approximately 24-72 business hours. Thanks, Funded Engineering Team.
February 11, 6:43 pm Ok, here’s an account migration update: All active challenge accounts in phase 1 and phase 2, if in Ascension, will be reset to their original starting balance at the time of purchase. All FUNDED accounts will receive an additional 1% Drawdown added to the parameters of any account they have purchased. Only one condition is required to be eligible. To qualify for the reset and additional withdrawal, you must have completed at least 1 transaction in February. Thank you all. We are still on track for the beginning of this week. It was an eventful weekend. I will update everyone again on Monday.