Orionx, a Chilean crypto exchange backed by Tether in 2025, has begun a permanent shutdown. The move comes after a forensic audit identified a shortfall of more than $7 million in customer assets. The company said the review found that over $7 million worth of assets held in custody had been transferred to wallets outside its control. These assets were mainly in the form of primarily Bitcoin ($BTC), Ethereum ($ETH), XRP ($XRP), and Polygon ($POL).
Orionx Suspends Withdrawals as It Seeks to Recover Funds
To stop the shortfall from increasing, Orionx has suspended withdrawals. The exchange is now working to determine the amount of assets recoverable and return funds to customers. Orionx has warned that it cannot guarantee a full recovery for every user.
The exchange said its immediate priority is to establish each customer’s outstanding position and recover as much of the missing cryptocurrency as possible. Orionx is pursuing an orderly process for returning recovered assets. Customers have been advised to preserve records related to their account balances and transactions.
Orionx Files Criminal Complaints Against Former Executives
Orionx has filed criminal complaints against two of its former executives and co-founders, Roberto Zibert and Joaquín Díaz. Zibert previously served as the company’s general manager, while Díaz was its technology manager.
The company claims that unauthorized transfers of customer assets took place between 2018 and 2021. Both former executives have denied the allegations. The investigation and recovery efforts are now central to Orionx’s shutdown process.
Orionx served more than 100,000 registered users and provided cryptocurrency trading and custody services in Chile. However, its application for registration under the country’s Fintech Law was rejected by the Comisión para el Mercado Financiero (CMF) in June 2026. The CMF has clarified that Orionx was never authorized or supervised by the regulator.
Orionx has now said that its sole focus is recovering and returning customer assets as quickly, fairly, and orderly as circumstances allow.