Tether-Backed Orionx Shuts Down Amid $7 Million Crypto Asset Disappearance

Orionx, a Chilean crypto exchange backed by Tether, has filed a criminal complaint after a forensic audit revealed that over $7 million in customer assets had moved to wallets outside of the company's control. The exchange suspended withdrawals and announced its permanent shutdown while it focuses on recovering and returning as much customer money as possible.

The discrepancy was reportedly identified during an internal investigation connected with Chile's Fintech Law, which led to an external forensic audit comparing company accounting records with assets visible onchain. The audit found that Orionx's internal records showed more crypto than was present in its custody wallets for Bitcoin, Ether, XRP and Polygon.

The company filed a criminal complaint against former executives Roberto Zibert and Joaquín Díaz, both Orionx co-founders who allegedly had access to the exchange's crypto custody systems. The allegations have not been proven in court, but if true, they would suggest that the missing assets were transferred between 2018 and 2021, years before Tether invested in the exchange.