Orionx Collapse Leaves $7M Gap in Custody, Over 100,000 Users Left in the Dark
Chile's crypto exchange Orionx has shut down after an audit revealed a $7 million custody gap, leaving over 100,000 registered users wondering if they'll ever see their funds again. The forensic audit found discrepancies in holdings of Bitcoin (BTC), Ethereum (ETH), XRP, and Polygon (MATIC) that exceeded $7 million.
The exchange suspended withdrawals on September 3, 2026, and announced its closure the same day. A phased plan for asset restitution has been put forward by Orionx, but no guarantees have been made regarding full repayment of users' assets.
Orionx's collapse is particularly striking given its recent investment by Tether in June 2025 as part of a Series A funding round. The deal aimed to supercharge the exchange's stablecoin services across Latin America and position it as a regional gateway for digital dollar adoption.