Chilean crypto exchange Orionx, backed by USDt stablecoin issuer Tether, is shutting down after a forensic audit found that more than $7 million in customer assets had moved to wallets outside its custody. The firm said it began a permanent closure process after the audit, according to Cointelegraph reporting on the announcement . “Our sole priority now is to return as much of our clients’ assets as possible,” Orionx said, adding that withdrawals are temporarily suspended.
The Audit and the Shortfall
The exchange said an internal review found that balances recorded in its systems exceeded the assets held at its custody addresses for Bitcoin, Ether, XRP and Polygon. Orionx did not specify when the transfers occurred or how the discrepancy was first uncovered. According to Chilean newspaper La Tercera, chief operating officer Thomas Mac Millan detected a “significant mismatch” between recorded balances and actual custody on August 27, which triggered the external forensic audit. The review came as Orionx worked to comply with Chile’s Fintech Law, having already brought in financial professionals during a 2025 review of its operations. Founded in 2017, Orionx has offered trading and payment services across Chile, Peru, Colombia and Mexico.
A Criminal Complaint Against Co-Founders
Orionx said it filed a criminal complaint on Wednesday against former executives Roberto Zibert and Joaquín Díaz, both co-founders who allegedly had access to the company’s custody systems. The complaint reportedly alleges that assets were transferred out of Orionx’s custody between 2018 and 2021, including to accounts on other platforms. An account tied to Díaz allegedly received more than $1.5 million across 14 transfers, while another wallet received 187 Ether, more than 4.1 million USDT and 200,000 USDC from Orionx. Both co-founders denied wrongdoing, saying they never acted against customers’ interests.
Tether’s Latin America Bet Unravels
The closure comes about 15 months after Tether exclusively led Orionx’s Series A as part of its push to expand digital-asset adoption across Latin America. The unraveling contrasts with Tether’s broader regional ambitions, which have also included crypto-mining and energy projects in South America that have faced their own setbacks. Orionx said its focus now is returning client funds rather than continuing operations.