Tether-Backed Crypto Exchange Orionx Shuts Down Amid $7M Custody Discrepancy

Tether-backed crypto exchange Orionx is shutting down due to a $7 million custody discrepancy discovered during a forensic review. The exchange temporarily suspended withdrawals while it prioritizes returning client funds.

Orionx attributed the issue to more than $7 million in custodial assets having moved to wallets the exchange does not manage. A forensic audit found that balances tracked within Orionx's systems were higher than the assets held at its custody addresses for Bitcoin, Ether, XRP, and Polygon.

The alleged transfers occurred between 2018 and 2021, according to a criminal complaint filed against former co-founders Roberto Zibert and Joaquín Díaz. The duo denied allegations of unauthorized access to Orionx's crypto custody systems.

Tether led Orionx's Series A in 2025 as part of an expansion push, but the funding announcement has since been removed from Tether's website.