Tether-backed Orionx to shut down after audit flags $7 million custody gap
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Tether-backed Orionx is permanently closing after an audit found more than $7 million in customer assets had moved to wallets outside its custody.
Key facts
- 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)
- 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
- 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’s post did not specify when the more than $7 million in transfers occurred or how the discrepancy was initially uncovered
Summary
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 15 months after Tether led Orionx’s Series A as part of its push to expand digital asset adoption in Latin America.