Tether-backed Orionx to close after audit finds $7M missing from custody
Chilean exchange Orionx closes after $7 million custody gap
Tether-backed Orionx is permanently closing its doors. The Chilean crypto exchange announced the shutdown after a forensic audit found that more than $7 million in customer assets had moved to wallets the company did not manage.
Orionx said its main priority now is returning as much of the clients' assets as possible. Withdrawals are currently suspended while the company figures out the next steps. The closure comes just 15 months after Tether, the issuer of the USDt stablecoin, led the exchange's Series A funding round.
Audit reveals asset mismatch across major coins
The discovery happened on Aug. 27 when Orionx chief operating officer Thomas Mac Millan spotted a significant mismatch. The balances recorded in Orionx's internal systems were higher than the actual assets held in its custody wallets.
The exchange then brought in outside forensic auditors to compare its records with data visible on the blockchain. The audit confirmed the shortfall across Bitcoin (BTC), Ether (ETH), XRP, and Polygon (POL). Blockchain data refers to the public digital ledger where cryptocurrency transactions are recorded and verified.
Orionx's criminal complaint alleges that the assets were transferred out between 2018 and 2021, including to accounts on other crypto platforms. However, the exchange did not specify exactly when the transfers occurred or how the discrepancy was first uncovered.
Former co-founders face criminal complaints
Orionx filed a criminal complaint on Wednesday against former executives and co-founders Roberto Zibert and Joaquín Díaz. The complaint alleges both men had access to the company's crypto custody systems.
According to reports from the Chilean newspaper La Tercera, an account linked to Díaz received more than $1.5 million across 14 separate transfers. Another wallet allegedly received 187 Ether, more than 4.1 million USDt, and 200,000 USDC from Orionx.
Zibert and Díaz have denied the allegations. They stated they never acted against customers' interests and argued that the true cause of the asset shortfall remains unclear.
Orionx's background and Tether connection
Founded in Chile in 2017, Orionx started as a retail crypto exchange and eventually expanded to offer crypto payment and financial services across Chile, Peru, Colombia, and Mexico.
Tether exclusively led Orionx's Series A funding round in June 2025 as part of its effort to expand digital asset adoption in Latin America. An archived version of Tether's announcement confirms the investment, though the announcement is no longer available on Tether's website.
Cointelegraph reached out to both Tether and Orionx for comment but had not received a response by publication time.
What is confirmed
- Orionx is permanently closing after discovering a custody gap.
- A forensic audit found over $7 million in customer assets moved to wallets outside Orionx's control.
- The exchange filed a criminal complaint against co-founders Roberto Zibert and Joaquín Díaz.
- Tether led Orionx's Series A funding in June 2025.
What is still unclear
- Exact dates and methods for the unauthorized transfers remain unspecified.
- The co-founders deny wrongdoing, and the full cause of the shortfall is disputed.
- No official response has been received from Tether regarding the shutdown.
Why this matters for crypto investors
The case highlights the risks associated with centralized crypto exchanges. When users deposit funds into an exchange, they must trust that the platform is actually holding those assets. This incident shows how internal controls can fail and how quickly customer funds can disappear if custody systems are compromised.
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