Tether-Backed Orionx Freezes Withdrawals After $7 Million in Customer Assets Vanish
Tether's backed crypto exchange Orionx has suspended withdrawals after it was found that over $7 million in customer assets had been transferred to wallets outside its control.
The Chilean exchange attributed the move to a forensic audit, which prompted it to begin a permanent closure and freeze withdrawals while determining how much can be returned to customers.
Orionx's shutdown comes less than a year after Tether invested in the exchange in June 2025, following an earlier investment by affiliated exchange Bitfinex in 2023.
The company stated that it froze withdrawals to prevent customers who move first from recovering assets at the expense of those who remain, citing that its closure tracker is still at the first of five stages, with account reconciliation and approval of a restitution plan required before funds are returned.