Orionx Faces Sudden Shutdown Amid Shocking $7M Custody Gap — What Went Wrong?
Ever wonder what happens when a crypto exchange, buoyed by Tether’s mighty backing, stumbles upon a mysterious $7 million vanishing act? Well, buckle up — because Chile’s Orionx is closing its doors after a forensic audit revealed a baffling breach in asset custody. It’s like finding out your trusted vault has been sneaking off funds to secret wallets you never signed off on. Now, with withdrawals paused and a criminal complaint filed against co-founders who vehemently deny wrongdoing, clients are left staring at a sizable question mark. Just 15 months after Tether’s big leap into Latin America via Orionx, we’re reminded that even heavy hitters in crypto aren’t immune to wild turns. So what’s really at play behind this curtain of confusion and finger-pointing? Ready to dive in? LEARN MORE.
Orionx, a Chilean crypto exchange backed by USDt stablecoin issuer Tether, is shutting down after uncovering a multimillion-dollar issue linked to asset custody.
The exchange said it began a permanent closure process after a forensic audit found more than $7 million in custodial assets had moved to wallets it did not manage, according to a company announcement shared on X on Thursday.
“Our sole priority now is to return as much of our clients’ assets as possible,” Orionx said, adding that withdrawals are temporarily suspended.
The closure comes just 15 months after Tether led Orionx’s Series A as part of its push to expand digital asset adoption in Latin America.
Orionx leaves timing of $7 million transfers unclear
Orionx’s post did not specify when the more than $7 million in transfers occurred or how the discrepancy was initially uncovered.
As part of its efforts to comply with Chile’s Fintech Law, Orionx conducted a review of its operations in 2025 and brought in financial professionals, according to the major Chilean newspaper La Tercera, citing the company’s criminal complaint.
On Aug. 27, chief operating officer Thomas Mac Millan detected a “significant mismatch” between balances recorded in Orionx’s systems and assets actually held in custody, according to the complaint.
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An internal review followed, and Orionx later commissioned an external forensic audit that compared its records with data verifiable onchain. The audit found that balances recorded in Orionx’s systems exceeded the assets held at its custody addresses for Bitcoin (BTC), Ether (ETH), XRP and Polygon (POL).
The criminal complaint reportedly alleges that assets were transferred out of Orionx’s custody between 2018 and 2021, including to accounts on other crypto platforms.
Orionx accuses co-founders, who deny wrongdoing
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 crypto custody systems.
The complaint alleges that an account associated with Díaz received more than $1.5 million across 14 transfers, while another wallet allegedly received 187 Ether, more than 4.1 million USDt (USDT) and 200,000 USDC from Orionx, La Tercera reported.
Former executive and Orionx co-founder Roberto Zibert. Source: LinkedIn
Zibert and Díaz denied the allegations, saying they never acted against customers’ interests and that the cause of Orionx’s asset shortfall remains unclear.
Tether backed Orionx in 2025
Founded in Chile in 2017, Orionx grew from a retail crypto exchange into a platform offering crypto payment and financial services in Chile, Peru, Colombia and Mexico.
Tether invested in Orionx in June 2025, exclusively leading the exchange’s Series A funding round, according to an archived version of Tether’s announcement. The announcement is no longer available on Tether’s website.
Cointelegraph contacted Tether and Orionx for comment but had not received a response by publication.
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