Orionx Shuts Down Amid $7M Custody Gap

Tether-backed crypto exchange Orionx has shut down after a forensic audit revealed over $7 million in customer assets had moved to wallets outside its control.

The audit, which was likely prompted by concerns about asset custody, found the missing funds in non-managed wallets. The exact reason for the transfer is unclear, but Orionx's permanent closure process has begun, with withdrawals temporarily suspended.

In a statement, Orionx emphasized its priority to return as much of its clients' assets as possible.