Orionx Shuts Down Amid $7M Custody Gap After Tether-Backed Expansion

Orionx, a Chilean cryptocurrency exchange backed by Tether, has shut down after a forensic audit revealed that over $7 million in customer assets had been transferred out of its custody. The exchange said it initiated a permanent closure process following the audit and suspended withdrawals to focus on returning client funds.

The review found discrepancies between recorded balances and actual custody for Bitcoin, Ether, XRP, and Polygon, prompting an external forensic audit after internal checks flagged a 'significant mismatch' in August 2026. Orionx filed a criminal complaint against co-founders Roberto Zibert and Joaquín Díaz, alleging that assets were transferred to other platforms between 2018 and 2021.

Orionx had received investment from Tether as part of its push into Latin America, but the closure marks an unwinding of this regional bet. The exchange stated that returning client funds is now its sole priority.