$7M Custody Gap Forces Orionx to Shutdown Amid Tether Backing

Orionx, a Chilean crypto exchange backed by USDt stablecoin issuer Tether, is shutting down after uncovering a $7 million custodial issue.

A forensic audit found that more than $7 million in assets had moved to wallets not managed by Orionx.

The exchange cited a 'significant mismatch' between balances recorded in its systems and assets held in custody as the reason for the shutdown.

Orionx filed a criminal complaint against co-founders Roberto Zibert and Joaquín Díaz, who deny any wrongdoing.