Tether-backed Orionx to shut down after audit flags $7M custody gap
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Orionx, a Chilean cryptocurrency exchange backed by USDt stablecoin issuer Tether, is shutting down after a forensic audit revealed a $7 million custody gap involving assets moved to wallets not managed by the company. The exchange began permanent closure proceedings and temporarily suspended withdrawals, prioritizing returning client assets. Orionx also filed a criminal complaint against co-founders Roberto Zibert and Joaquín Díaz, who deny wrongdoing.
Why it matters
The closure of Orionx highlights risks related to asset custody and management in crypto exchanges, especially those expanding in Latin America. The audit and resulting legal actions could impact user trust and regulatory scrutiny in the region’s digital asset markets. The source does not explicitly discuss broader market or regulatory consequences.
Key context
Orionx was founded in 2017 and expanded into multiple Latin American countries offering crypto financial services. Tether led its Series A funding in June 2025. The custody discrepancy was discovered during a 2025 compliance review linked to Chile’s Fintech Law, leading to an internal and external audit. Alleged asset transfers occurred between 2018 and 2021, including to other crypto platforms.
Key numbers and entities
Key entities include Orionx, Tether, and co-founders Roberto Zibert and Joaquín Díaz. The custody gap totals over $7 million. Joaquín Díaz’s account allegedly received more than $1.5 million through 14 transfers, while another wallet received 187 Ether, over 4.1 million USDT, and 200,000 USDC.
What remains unclear
The exact timing and circumstances of the $7 million asset transfers remain unspecified. Details about how the custody discrepancy was initially detected and the current status of the recovered assets are not provided. Neither Tether nor Orionx have publicly commented on the situation as of publication.