Tether-Backed Orionx Exchange Shuts Down Amid $7 Million Asset Transfer

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

This comes less than a year after Tether invested in Orionx, following an earlier investment by affiliated exchange Bitfinex in 2023. The closure of Orionx will have significant implications for its customers, who are now facing uncertainty over the recovery of their assets.

The Chilean Comisión para el Mercado Financiero (CMF) has stated that it cannot oversee the wind-down of Orionx or order the exchange to return customer assets, leaving users dependent on the company's restitution process. The CMF had previously rejected Orionx's registration and authorization application in June 2025.