Tether-backed Orionx closes over $7m custody gap

Chilean crypto exchange Orionx began permanently closing its operations on Sept. 3 after a forensic audit identified a custody shortfall exceeding $7 million.

The company suspended customer withdrawals and said it could not guarantee that every client would recover 100% of their assets.

The exchange said the audit found transactions that moved assets under its custody to wallets it did not control. Orionx has filed a criminal complaint with Chilean prosecutors and launched a restitution process intended to return as much as possible to customers.

The allegations have not been proven in court. The two former executives named in the complaint have denied wrongdoing and said the cause of the shortfall remains unresolved.

Orionx audit found four affected crypto assets

Orionx announced the closure through its website and official account. It described the decision as definitive and warned customers about potential impersonation attempts during the closure.

The exchange said it would never request private keys, two-factor authentication codes or transfers by telephone, WhatsApp, email or social media. The warning is relevant because customers waiting to recover funds can become targets for phishing and fraudulent recovery services.

According to information Orionx provided to clients, the shortfall affects Bitcoin, Ether, XRP and Polygon balances. These assets appeared as available in Orionx’s internal records but could not be fully verified at addresses controlled by the company.

A comparison of company records and blockchain data found that the recorded customer balances exceeded the assets held in Orionx’s custody wallets. The audit therefore identified a balance-sheet and custody mismatch rather than a reported compromise of the four blockchain networks.

However, Orionx has not published the affected wallet addresses, complete transaction hashes or a breakdown of the shortfall by asset. Independent blockchain researchers consequently cannot yet verify the company’s full calculation.

The exchange also has not provided an exact number of affected customers. Its disclosure does not establish how much of the $7 million may be recovered from external wallets, exchanges or individuals named in the legal proceedings.

Criminal complaint names two Orionx cofounders

Orionx submitted a criminal complaint on Sept. 2 against former general manager Roberto Zibert and former technology manager Joaquín Díaz. Both helped establish the exchange and allegedly had privileged access to its cryptocurrency custody systems.

The complaint accuses them of alleged unfair administration and asks prosecutors to investigate any other offenses supported by the evidence. Local business newspaper Diario Financiero reported that a forensic examination linked the custody mismatch to wallets outside Orionx’s control.

Details reported by La Tercera place the questioned transactions between 2018 and 2021. Other local reporting says the largest group of transfers may have occurred during 2021 and 2022. That timing remains an allegation drawn from the complaint, not a judicial finding.

The filing reportedly claims that an account associated with Díaz received more than $1.5 million through 14 transfers. It also identifies another wallet that allegedly received 187 ETH, more than 4.1 million USDT and 200,000 USDC from Orionx-related addresses.

Those figures require examination by prosecutors and the court. A transfer into an address does not, by itself, establish who controlled the wallet at the time or whether a crime occurred.

Zibert and Díaz have “categorically rejected” the accusations. In a joint response reported by Chilevisión, they said they never acted against customer interests.

Their statement added that the cause of the custody deficit had not been established. Neither former executive has been convicted, and the complaint begins an investigative process rather than proving Orionx’s claims.

Chilean regulator cannot order customer repayments

Chile’s Financial Market Commission clarified on Sept. 4 that Orionx was neither registered nor authorized under the country’s Fintech Law. The regulator said it did not supervise Orionx’s activities and does not control its closure.

The official statement also disclosed that the commission rejected Orionx’s registration and authorization application on June 19. Until that rejection, the exchange had operated under a transitional arrangement available to companies awaiting licensing decisions.

After the application was rejected, Orionx could only conclude existing operations. It could not enter into new regulated transactions under the transitional regime and had to explain the wind-down process to customers.

The commission also said Orionx had not demonstrated that it held the guarantees required from authorized financial service providers. This does not prove the alleged custody misconduct, but it affects the legal protections available during the closure.

Although Orionx told customers that it had notified the relevant authority about its closure plan, the commission stressed that it neither approved nor supervises that plan. It also lacks authority to direct Orionx to return customer assets.

The regulator advised customers to contact the company directly and preserve account statements, transaction records and communications. Customers can pursue claims through Chilean courts or provide evidence to prosecutors if they believe a crime occurred.

Tether invested in Orionx 15 months before closure

Tether led Orionx’s Series A financing in June 2025 as part of a strategy to expand stablecoin infrastructure across Latin America. Neither company publicly disclosed the investment’s value or Tether’s ownership percentage.

At the time, the companies said the financing would support remittances, payment collection and corporate treasury services in Chile, Peru, Mexico and Colombia. The investment was presented as a way to expand digital financial access across the region.

Crypto.news reported that the deal gave Tether exposure to a Chilean exchange offering services across four Latin American markets. The announcement described how the funding would support Orionx’s regional payments and stablecoin expansion.

Tether’s original announcement is no longer available at its former website address, although an archived copy remains accessible. Its removal does not establish when or why Tether took the page offline.

Tether has not publicly said whether it retained its investment when Orionx announced the closure. It has also not disclosed whether it held board rights, received financial reports or participated in custody oversight.

The stablecoin issuer continued investing in regulated and licensed companies elsewhere. Its later Latin American expansion included a minority investment in Bit2Me, part of a broader pattern of Tether-backed regional financial infrastructure deals.

Customers face an uncertain restitution process

Orionx said its first closure phase is underway, but it has not published a repayment calendar. Withdrawals remain suspended to prevent some customers from recovering assets ahead of others while account balances are reviewed.

The exchange said its priority is to return “the greatest possible amount” of customer assets. That wording confirms that full repayment is uncertain. It should not be interpreted as a commitment to make every customer whole.

The next verifiable developments will come from Orionx’s customer notices, Chilean prosecutorial actions and any court decisions affecting the disputed wallets. Publication of transaction hashes would also allow independent researchers to evaluate the alleged asset movements.

Customers will need individual balance confirmations before Orionx can determine their share of available assets. Recovery could also depend on whether prosecutors locate funds at other exchanges or obtain orders freezing wallets linked to the disputed transfers.