Orionx to shut down after audit reveals $7M custody gap

Chile‑based cryptocurrency exchange Orionx announced a permanent shutdown after a forensic audit uncovered a custodial shortfall exceeding $7 million. The audit showed that assets recorded in Orionx’s internal systems were not held at its custody addresses.

Audit findings and immediate actions

The audit compared Orionx’s ledger data with on‑chain records and found discrepancies for Bitcoin (BTC), Ether (ETH), XRP and Polygon (POL). Withdrawals have been temporarily suspended while the firm works to return as many client assets as possible.

Timeline of the discrepancy

Orionx did not disclose when the $7 million in transfers occurred. A criminal complaint filed in August 2025 notes that the mismatch was first detected by chief operating officer Thomas Mac Millan, who identified a “significant mismatch” between recorded balances and actual custody holdings.

Legal action against former executives

The exchange filed a criminal complaint against co‑founders Roberto Zibert and Joaquín Díaz, alleging they accessed custody systems and transferred assets to external wallets. The complaint cites more than $1.5 million moved to an account linked to Díaz across 14 transfers, and another wallet receiving 187 ETH, over $4.1 million USDT and 200,000 USDC. Both former executives deny wrongdoing.

Background and Tether involvement

Founded in 2017, Orionx expanded from a retail exchange to a platform offering crypto payments and financial services across Chile, Peru, Colombia and Mexico. In June 2025, Tether led Orionx’s Series A funding round, providing backing for its Latin American expansion.

Next steps

Orionx’s priority is to recover and return client assets. The company has not responded to requests for comment from Tether or its own representatives.