The e-cash processor QuickTender has released details after the US authorities seized a significant amount of its funds. Recent actions have left players concerned about how the company will cover its liabilities.

The company has stated earlier this week in a statement:

"The management of QuickTender would like to give an update on the status of QuickTender account balance.

"Contrary to some speculation in the forums here and elsewhere, certain funds of QuickTender have indeed been subject to a seizure order by the US authorities.

"We hope to advise those affected in the near future on the status of these funds. The funds were withheld from our processor, ChargeStream Ltd and the action is a matter that is in the public domain.

"Whilst not all of our funds are affected, a significant amount has been.

"QuickTender is a reputable organisation, and we wish to ensure so far as we can that our account holders do not lose their funds in our care.

"We are looking at how we can release funds to our account holders as soon as possible, however because of current restrictions we are unable to transmit any funds in USD.

"In order for customers to have their balances refunded, at present they will need to have a currency account in Euros as we currently cannot make any payments into any USD denominated accounts. If you do not have an account in Euros we would urge you to obtain one in order to receive your funds.

"At the end of this week QuickTender aims to advise further on enabling withdrawal of funds from your QuickTender Account.

"Please bear with us in these difficult times as we endeavour to resolve the situation despite the severe limitations we face."