Tether-backed Chilean crypto exchange Orionx to shut down after $7M asset custody shortfall discovered
Chilean cryptocurrency exchange Orionx, backed by USDt stablecoin issuer Tether, is shutting down after uncovering a significant asset custody discrepancy exceeding $7 million. A forensic audit revealed that such amount of crypto assets had been transferred to wallets outside Orionx’s control. The exchange has temporarily suspended client withdrawals and initiated permanent closure procedures, prioritizing the recovery of clients' assets.
Discovery of Issue and Initiation of Exchange Shutdown
Orionx announced on X that it had begun permanent closure proceedings following a forensic audit that found over $7 million worth of crypto assets had been transferred to wallets not controlled by the exchange. Withdrawals are temporarily suspended, and the company stated its priority is to recover as many client assets as possible.
Circumstances of the Financial Discrepancy
The timing and discovery details of the $7 million asset movements were not made clear. According to Chilean newspaper La Tercera, which cited the company’s criminal complaint, Orionx conducted a review of its operations in 2025 to comply with Chile’s Fintech Law, engaging financial experts.
On August 27, COO Thomas Mac Millan detected a 'significant mismatch' between balances recorded in Orionx’s systems and the actual custody holdings. An internal investigation followed, then an external forensic audit verified that balances in Orionx’s systems exceeded assets held in custody addresses for Bitcoin, Ether, XRP, and Polygon.
The complaint alleges that assets were transferred out of custody between 2018 and 2021, including to other crypto platforms.
Accusations Against Co-founders and Their Denials
Orionx filed a criminal complaint on Wednesday against former executives and co-founders Roberto Zibert and Joaquín Díaz, who had access to the crypto custody systems.
The complaint alleges an account linked to Díaz received over $1.5 million in 14 transfers, while another wallet allegedly received 187 ETH, over 4.1 million USDT, and 200,000 USDC from Orionx, according to La Tercera.
Zibert and Díaz deny wrongdoing, maintaining they never acted against customer interests and that the cause of the asset shortfall remains unknown.
Orionx’s History and Tether Support
Founded in Chile in 2017, Orionx evolved from a retail crypto exchange to offering crypto payment and financial services in Chile, Peru, Colombia, and Mexico.
Tether invested exclusively in Orionx’s Series A funding round in June 2025, aiming to promote digital asset adoption across Latin America. The announcement from Tether has since been removed from its official website.
Cointelegraph reached out to Tether and Orionx for comment but had not received a response at the time of publication.
Why it matters
The news highlights critical issues in asset management and internal controls faced by crypto exchanges, even those supported by major players like Tether. The shutdown of Orionx serves as a stark example of the potential consequences of transparency failures and possible misappropriations in digital asset custody. This event underscores the need for stricter oversight and regulation within Latin America’s crypto sector and beyond, raising important questions about trust in platforms handling custody and trading of cryptocurrency assets.
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