Orionx, a Chile-based cryptocurrency exchange that received strategic backing from Tether in 2025, has started a permanent shutdown of its operations following a forensic audit that identified a custody shortfall exceeding $7 million. The company said client assets recorded in its systems for Bitcoin, Ether, XRP and Polygon had been transferred to wallets outside its control.

Withdrawals remain temporarily suspended while Orionx works to calculate balances and return as much as possible to customers. The exchange stated it cannot guarantee full recovery for every client.

Audit Findings and Timeline

Orionx announced the definitive closure process on September 3, 2026. According to the company, an external forensic review compared internal records against on-chain data linked to its custody addresses. The review found that balances shown in Orionx systems exceeded the assets actually held under its management for the four cryptocurrencies.

The shortfall was first flagged internally on August 27 when chief operating officer Thomas Mac Millan identified a significant mismatch. Orionx had been reviewing its operations in connection with Chile’s Fintech Law requirements and had brought in financial professionals. The company later commissioned the independent forensic audit that confirmed the discrepancy.

Orionx’s public statements did not specify the exact dates of the transfers. A criminal complaint filed by the exchange alleges that assets left its custody between 2018 and 2021, with some reporting pointing to activity continuing into 2021 and 2022. The complaint states that funds moved to external wallets and accounts on other platforms.

Criminal Complaint and Denials

On September 2, Orionx filed a criminal complaint with Chilean prosecutors against two former executives and co-founders: Roberto Zibert, previously general manager, and Joaquín Díaz, previously technology manager. The company alleges both had access to its cryptocurrency custody systems and links them to the transfers.

Reporting on the complaint states that an account associated with Díaz received more than $1.5 million across 14 transfers. Another wallet allegedly received 187 Ether, more than 4.1 million USDT and 200,000 USDC from addresses connected to Orionx. The complaint seeks investigation of alleged unfair administration and any related offenses.

Zibert and Díaz have categorically rejected the accusations. They stated they never acted against customers’ interests and that the cause of the asset shortfall has not been established. No convictions have occurred; the filing initiates an investigative process.

Regulatory Position

Chile’s Financial Market Commission clarified that Orionx was neither registered nor authorized under the country’s Fintech Law. The regulator rejected the company’s registration and authorization application on June 19. Prior to the rejection, Orionx had operated under a transitional arrangement available to firms awaiting licensing decisions.

After the rejection, the exchange could only conclude existing operations and could not enter new regulated transactions. The commission stated it does not supervise Orionx’s activities or the closure process and lacks authority to order the return of customer assets. It advised clients to contact the company directly, preserve account statements and transaction records, and pursue claims through the courts or provide evidence to prosecutors if appropriate.

Orionx told customers it had notified the relevant authority of its closure plan. The regulator confirmed it neither approved nor oversees that plan.

Tether Investment and Background

Orionx was founded in Chile in 2017 and grew from a retail cryptocurrency exchange into a platform offering crypto payments and financial services across Chile, Peru, Colombia and Mexico. In June 2025, Tether exclusively led the company’s Series A financing round as part of an effort to expand digital-asset adoption and stablecoin infrastructure in Latin America. The investment amount and ownership stake were not publicly disclosed.

Tether’s original announcement of the investment is no longer available on its website, though an archived version remains accessible. The stablecoin issuer has not publicly commented on whether it retained its stake or on any role in custody oversight. Requests for comment from both Tether and Orionx went unanswered in contemporaneous reporting.

Customers have been warned to remain alert to possible impersonation attempts during the wind-down. Orionx stated it will never request private keys, two-factor authentication codes or transfers via telephone, messaging apps, email or social media.

The exchange has not released a full breakdown of the shortfall by asset, the specific wallet addresses involved, or the exact number of affected clients. Recovery efforts and the criminal investigation remain ongoing.