Tether-backed Orionx shuts down after more than $7 million custody gap

Tether-backed Chilean crypto exchange Orionx is permanently closing after a forensic audit found more than $7 million in custodial assets had moved to wallets it did not manage. Orionx said its priority is to return as much of its clients' assets as possible. Orionx said withdrawals are temporarily suspended. The exchange did not specify when the transfers occurred. The exchange also did not specify how the discrepancy was first uncovered. Orionx reviewed its operations in 2025 to comply with Chile's Fintech Law. Orionx then hired financial professionals. On Aug. 27, chief operating officer Thomas Mac Millan detected a significant mismatch between recorded balances and assets held in custody, according to the criminal complaint. An external forensic audit compared Orionx's records with onchain data. The audit found that recorded balances exceeded assets held at custody addresses for Bitcoin (BTC), Ether (ETH), XRP and Polygon (POL). The criminal complaint reportedly alleges that assets left Orionx's custody between 2018 and 2021. The complaint reportedly alleges that some assets went to accounts on other crypto platforms. Orionx filed the complaint against former executives Roberto Zibert and Joaquín Díaz. Both executives are co-founders who allegedly had access to Orionx's crypto custody systems. The complaint alleges that an account associated with Díaz received more than $1.5 million across 14 transfers. Another wallet allegedly received 187 Ether from Orionx. The wallet allegedly received more than 4.1 million USDt (USDT) from Orionx. The wallet allegedly received 200,000 USDC from Orionx. Zibert and Díaz denied the allegations. They said they never acted against customers' interests. They said the cause of Orionx's asset shortfall remains unclear. Tether exclusively led Orionx's Series A funding round in June 2025.