$7M Custody Gap Forces Tether-Backed Orionx Exchange to Shut Down

Orionx, a Chilean crypto exchange backed by Tether, is shutting down after discovering a $7 million custody gap. A forensic audit found that assets had been transferred to wallets not managed by Orionx, prompting the exchange to initiate a permanent closure process.

The audit, which compared Orionx's records with onchain data, revealed a discrepancy in balances recorded for Bitcoin (BTC), Ether (ETH), XRP, and Polygon (POL). The exchange has suspended withdrawals while it works to return as much of its clients' assets as possible.

Orionx filed a criminal complaint against former co-founders Roberto Zibert and Joaquín Díaz, who allegedly had access to the company's crypto custody systems. Zibert and Díaz deny wrongdoing, stating that they never acted against customers' interests.