Tether-Backed Orionx Shuts Down After $7M Crypto Shortfall

TLDR:

• Orionx is shutting down after a $7M+ customer asset shortfall was confirmed.
• Withdrawals are frozen while Orionx pursues criminal complaints against ex-executives.
• Chile’s regulator rejected Orionx’s registration bid just months before the audit.
• Tether backed Orionx’s 2025 Series A round as its sole investor.

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Orionx, a Chilean crypto exchange backed by Tether, has begun shutting down for good. A forensic audit uncovered more than $7 million in customer assets moved to wallets outside company control. 

The exchange suspended all withdrawals and filed criminal complaints against two former executives. Chile’s financial regulator had already rejected Orionx’s registration bid months earlier.

Orionx Asset Shortfall Triggers Criminal Complaints

Orionx filed a complaint with Chile’s Public Prosecutor’s Office once the audit findings surfaced. 

The company says the audit confirmed transfers of assets held in custody to wallets it does not manage. That shortfall now exceeds $7 million, according to the announcement. Orionx says the discovery prompted an immediate internal review of its custody practices.

Investigators are examining transfers involving Bitcoin, Ethereum, XRP and Polygon’s POL token. Orionx named co-founders Roberto Zibert and Joaquín Díaz in a criminal complaint filed September 2, 2026. 

The company alleges the transfers took place between 2018 and 2021. Those years mark a period of rapid growth for the exchange in Chile’s crypto market.

Both men have denied any wrongdoing tied to the alleged transfers. Orionx has not disclosed additional details about how the funds left its custody. 

The exchange has not named a recovery timeline for affected clients. No third party has independently confirmed the location of the missing assets.

The exchange says client funds remain its top priority during the shutdown. Withdrawals stay frozen so no customer gains an advantage over another during the closure. 

Orionx describes the freeze as a temporary measure tied to its restitution process. The company says every phase of that process will be reported to clients directly.

Tether-Backed Exchange Faces Regulatory Setback

Tether led Orionx’s Series A funding round in June 2025 as its exclusive investor. That original announcement no longer appears on Tether’s website, though the deal was previously public. 

Tether has not issued a fresh statement addressing the shutdown. The stablecoin issuer’s earlier backing had raised Orionx’s profile among regional traders.

Chile’s financial regulator rejected Orionx’s registration application in June 2026. That rejection came months before the forensic audit exposed the asset shortfall. 

Orionx continued operating in the crypto market despite the setback. Regulators have not commented publicly on the newly disclosed shortfall.

Orionx has submitted a Closure and Asset Restitution Plan to Chilean authorities. 

The company says the plan’s first phase is now being implemented. Orionx has not disclosed a full timeline for completing the restitution process. Clients are still awaiting word on when frozen funds might move again.

Orionx pledged to keep clients informed as the process continues. The company called the situation a source of concern and uncertainty for its users. 

Orionx says it will handle the closure with transparency and respect for its customers. The exchange reiterated that returning client assets remains its singular focus.

The post Tether-Backed Orionx Shuts Down After $7M Crypto Shortfall appeared first on Blockonomi.

Source: https://blockonomi.com/tether-backed-orionx-shuts-down-after-7m-crypto-shortfall/