Tether-Backed Orionx Shuts Down After $7M Custody Gap
A forensic audit found balances exceeded assets held in custody, and Orionx said withdrawals are temporarily suspended while it seeks to return client funds.
- On Thursday, Chilean crypto exchange Orionx announced permanent closure after a forensic audit discovered more than $7 million in custodial assets had moved to wallets it did not manage.
- Chief operating officer Thomas Mac Millan detected a "significant mismatch" between recorded and actual balances on Aug. 27 while Orionx reviewed operations to comply with Chile's Fintech Law.
- The exchange filed a criminal complaint on Wednesday against co-founders Roberto Zibert and Joaqu, alleging they transferred 187 Ether and more than $1.5 million to private accounts between 2018 and 2021.
- Orionx suspended withdrawals, stating "Our sole priority now is to return as much of our clients' assets as possible," while Zibert and Joaqu denied wrongdoing, claiming they never acted against customer interests.
- The closure occurs just 15 months after Tether led Orionx's Series A funding round to expand digital asset adoption in Latin America, marking a significant setback for the stablecoin issuer's regional strategy.
12 Articles
12 Articles
Tether-Backed Orionx Shuts Down After $7M Crypto Shortfall
TLDR: Orionx is shutting down after a $7M+ customer asset shortfall was confirmed. Withdrawals are frozen while Orionx pursues criminal complaints against ex-executives. Chile’s regulator rejected Orionx’s registration bid just months before the audit. Tether backed Orionx’s 2025 Series A round as its sole investor. Orionx, a Chilean crypto exchange backed by Tether, has begun [...]
Orionx closure process after deficit of US$ 7 million in custodyExchange Chilean Orionx closes activities after deficit of US$ 7 mi in custody
Tether-Backed Orionx to Shut Down After $7M Custody Gap Found
Orionx, a Chile-based cryptocurrency exchange backed by Tether, is shutting down after a forensic review flagged a multimillion-dollar custody discrepancy, according to statements shared by the company on X. The exchange said it is moving into a permanent closure process and has temporarily suspended withdrawals as it works to return client funds. Orionx said the [...]
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