Chilean crypto exchange Orionx permanently closed its operations on September 6, 2026 after a forensic audit identified a custody shortfall exceeding $7 million. According to reports from Crypto.news, the exchange suspended customer withdrawals and warned that it could not guarantee 100% recovery of all client assets. The closure announcement was made through the company's website and official accounts, with Orionx describing the decision as definitive and warning customers about potential impersonation attempts during the closure process. As reported by TradingView News, the exchange stated its sole priority now is to return as much of our clients' assets as possible, though the company has not specified when the discrepancy was initially discovered. The closure leaves over 100,000 registered users wondering whether they'll ever see their funds again.
The audit revealed that four affected crypto assets - Bitcoin, Ether, XRP and Polygon - appeared as available in Orionx's internal records but could not be fully verified at addresses controlled by the company. As reported by Crypto.news, a comparison of company records and blockchain data found that recorded customer balances exceeded assets held in Orionx's custody wallets. The exchange has not published affected wallet addresses, complete transaction hashes, or a breakdown of the shortfall by asset, preventing independent verification of the company's calculations. According to La Tercera, the discrepancy was initially detected by Chief Operating Officer Thomas Mac Millan on August 27, who found a significant mismatch between balances recorded in Orionx's systems and assets actually held in custody. The audit found discrepancies across multiple chains, indicating the gap was not isolated to one asset or one wallet. The forensic audit identified discrepancies in BTC, ETH, XRP, and MATIC holdings, with the total gap exceeding $7 million.
Orionx submitted a criminal complaint on September 2 against former general manager Roberto Zibert and former technology manager Joaquín Díaz. According to reports from Crypto.news and La Tercera, the complaint accuses them of alleged unfair administration and asks prosecutors to investigate any other offenses supported by the evidence. The filing reportedly claims that an account associated with Díaz received more than $1.5 million through 14 transfers, while another wallet allegedly received 187 Ether, more than 4.1 million USDT and 200,000 USDC from Orionx-related addresses. Both executives have categorically rejected the accusations, stating they never acted against customer interests and that the cause of the custody deficit remains unresolved. As reported by La Tercera, the complaint alleges that assets were transferred out of Orionx's custody between 2018 and 2021, including to accounts on other crypto platforms. The alleged misappropriation took place over several years, meaning customer funds were reportedly being siphoned for years before anyone caught on.
Chile's Financial Market Commission clarified on September 4 that Orionx was neither registered nor authorized under the country's Fintech Law. As reported by Crypto.news, the regulator said it did not supervise Orionx's activities and does not control its closure. The commission rejected Orionx's registration and authorization application on June 19, after which the exchange could only conclude existing operations and could not enter new regulated transactions. The commission stressed it lacks authority to direct Orionx to return customer assets, advising customers to contact the company directly and preserve account statements for potential legal action. According to La Tercera, 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. The CMF has also made clear that it won't be overseeing the closure or any restitution process, leaving Orionx to manage the situation independently.
Tether led Orionx's Series A financing in June 2025 as part of a strategy to expand stablecoin infrastructure across Latin America. According to reports from Crypto.news, the investment was presented as supporting remittances, payment collection and corporate treasury services in Chile, Peru, Mexico and Colombia. The deal gave Tether exposure to a Chilean exchange offering services across four Latin American markets, though the companies did not publicly disclose the investment's value or Tether's ownership percentage. Orionx, founded in Chile in 2017, grew from a retail crypto exchange into a platform offering crypto payment and financial services across Chile, Peru, Colombia and Mexico. The collapse is particularly striking given Orionx's trajectory over the past year, with the closure coming just 15 months after Tether's investment. The companies have not publicly stated whether Tether retained its investment when Orionx announced the closure.
