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Tether-Backed Orionx Shuts Down After $7M Custody Gap
A forensic audit found balances exceeded assets held in custody, and Orionx said withdrawals are temporarily suspended while it seeks to return client funds.
- On Thursday, Chilean crypto exchange Orionx announced permanent closure after a forensic audit discovered more than $7 million in custodial assets had moved to wallets it did not manage.
- Chief operating officer Thomas Mac Millan detected a "significant mismatch" between recorded and actual balances on Aug. 27 while Orionx reviewed operations to comply with Chile's Fintech Law, triggering the external forensic audit.
- The exchange filed a criminal complaint on Wednesday against co-founders Roberto Zibert and Joaqu, alleging they transferred 187 Ether and more than $1.5 million to private accounts between 2018 and 2021.
- Orionx suspended withdrawals, stating "Our sole priority now is to return as much of our clients' assets as possible," while Zibert and Joaqu denied wrongdoing, claiming they never acted against customer interests.
- The closure occurs just 15 months after Tether, a stablecoin issuer, led Orionx's Series A funding round to expand digital asset adoption in Latin America, marking a significant setback for the investor's regional strategy.
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Chilean cryptocurrency exchange Orionx is closing after nine years of operation. On Thursday, it informed customers that...
Chilean crypto exchange Orionx has begun a final shutdown after a forensic audit found over $7 million in assets under custody transferred to portfolios outside the company’s control.
Tether-Backed Orionx Shuts Down After a $7 Million Crypto Gap Surfaces
Chilean crypto exchange Orionx shut down permanently on September 3, 2026 after an audit found a $7 million gap between customer holdings and actual custody wallets. Tether led the exchange's Series A in 2025 and has since deleted that announcement from its website without comment.
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