Orionx Crypto Exchange Shutters Operations Amid Multimillion-Dollar Asset Discrepancy, Tether-Backed Firm Faces Scrutiny

Chilean cryptocurrency exchange Orionx has announced its permanent closure following the discovery of a significant asset custody issue involving over $7 million in client funds. The exchange, which received backing from USDt stablecoin issuer Tether in a strategic investment aimed at bolstering digital asset adoption in Latin America, is now prioritizing the return of client assets, though withdrawals have been temporarily suspended.

The abrupt shutdown comes just 15 months after Tether led Orionx’s Series A funding round. The forensic audit that revealed the substantial shortfall in managed assets was initiated as part of Orionx’s efforts to comply with Chile’s Fintech Law. The company brought in financial professionals to review its operations, a process that ultimately uncovered the concerning discrepancy.

According to a criminal complaint cited by the Chilean newspaper La Tercera, the issue first came to light on August 27th when Orionx’s Chief Operating Officer, Thomas Mac Millan, detected a "significant mismatch" between the balances recorded in the exchange’s internal systems and the actual assets held in custody. This prompted an internal review, followed by the commissioning of an external forensic audit. The audit compared Orionx’s internal records with verifiable on-chain data, confirming that the recorded balances for major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), XRP, and Polygon (POL) exceeded the assets held in the exchange’s designated custody addresses.

While the exact timeline of the transfers remains unclear, the criminal complaint reportedly alleges that the assets were moved out of Orionx’s custody between 2018 and 2021, with some funds allegedly being transferred to accounts on other cryptocurrency platforms. The company’s announcement, shared on X (formerly Twitter) on Thursday, stated, "Our sole priority now is to return as much of our clients’ assets as possible."

Orionx has taken a significant step by filing a criminal complaint against two former executives, Roberto Zibert and Joaquín Díaz, both co-founders of the exchange. The complaint alleges that these individuals had access to the company’s crypto custody systems and were responsible for the alleged misappropriation of funds. La Tercera reported that the complaint details specific transfers, including an account associated with Díaz allegedly receiving over $1.5 million across 14 separate transfers. Furthermore, another wallet is accused of receiving 187 Ether, more than 4.1 million USDt (USDT), and 200,000 USDC from Orionx.

However, Zibert and Díaz have categorically denied these allegations. In a statement, they asserted that they never acted against the interests of customers and maintained that the cause of Orionx’s asset shortfall remains unclear. They suggested that the root of the problem may lie elsewhere, emphasizing their commitment to customer well-being during their tenure.

Founded in Chile in 2017, Orionx initially operated as a retail cryptocurrency exchange. Over time, it expanded its services to offer crypto payment and financial solutions across several Latin American countries, including Chile, Peru, Colombia, and Mexico. The exchange’s growth trajectory and its ambition to become a major player in the region were underscored by Tether’s strategic investment.

Tether’s investment in Orionx occurred in June 2025, with the stablecoin issuer exclusively leading the exchange’s Series A funding round. An archived version of Tether’s announcement revealed that this investment was part of Tether’s broader strategy to "advance digital asset adoption across Latin America." However, the original announcement is no longer available on Tether’s official website. This backing from a prominent entity in the stablecoin market highlighted Orionx’s perceived potential and its role in the expanding digital asset ecosystem within the region.

The unfolding situation at Orionx raises critical questions about the due diligence processes involved in venture capital investments, particularly within the volatile cryptocurrency sector. The involvement of Tether, a company that itself has faced regulatory scrutiny and questions regarding its reserves, adds another layer of complexity to the narrative. The discrepancy between recorded assets and actual holdings, especially in a regulated environment envisioned by Chile’s Fintech Law, points to potential internal control failures or malicious actions.

The investigation into the missing funds is ongoing, with authorities expected to delve deeper into the transaction records and interview relevant parties. The priority for Orionx remains the repatriation of client funds, a process that is likely to be protracted and complex given the circumstances. The exchange’s closure serves as a stark reminder of the inherent risks associated with cryptocurrency trading and the paramount importance of robust security measures and transparent asset management practices in the digital asset industry.

As the situation develops, further details are anticipated regarding the specific mechanisms through which the assets were allegedly moved and the extent of the involvement of the accused former executives. The outcome of this investigation will not only impact Orionx and its clients but could also have broader implications for investor confidence and regulatory oversight within the Latin American cryptocurrency market. Cointelegraph has reached out to both Tether and Orionx for comment but had not received a response by the time of publication. The case underscores the ongoing challenges in ensuring the security and integrity of digital asset platforms.