Written by Helen Partzstaff writerReviewed by Yohan Yunstaff editor

Written by Helen Partzstaff writer

Reviewed by Yohan Yunstaff editor

Tether-backed Orionx to shut down after audit flags $7M custody gap

Latest NewsPublishedSep 6, 2026

Tether-backed Orionx is permanently closing after an audit found more than $7 million in customer assets had moved to wallets outside its custody.

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 stated 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, as reported by a company announcement shared on X on Thursday.

“Our sole priority now is to return as much of our clients’ assets as possible,” Orionx stated, 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, as reported by the major Chilean newspaper La Tercera, citing the company’s criminal complaint.

On Aug. 27, chief operating officer Thomas Mac Millan detected a “notable mismatch” between balances recorded in Orionx’s systems and assets actually held in custody, as reported by the complaint.

Related: BitMEX co-founder contributed 75% of Reform UK’s donations in Q2 2026

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 stated 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, as reported by 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.

Magazine: Tether sued over $42M in frozen coins, 6,600 students get crypto loans: Asia Express

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

• Tether
• Chile
• Latin America
• Cryptocurrency Exchange
• Industry

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