Tether-backed Orionx to shut down after audit flags $7M custody gap
Chilean crypto exchange Orionx, which received backing from Tether in June 2025, is shutting down after a forensic audit discovered over $7 million in customer assets had been moved to wallets outside the platform's control. The company filed a criminal complaint against two co-founders and has suspended withdrawals while attempting to return remaining customer funds.
Why It Matters
The closure represents a significant setback for Tether's expansion efforts in Latin America and highlights ongoing custody and asset management risks in the crypto industry, even among exchanges receiving institutional backing from major stablecoin issuers.
Key Facts
- Custody gap detected: More than $7 million in customer assets moved to uncontrolled wallets
- Timeline of alleged transfers: Assets reportedly transferred between 2018 and 2021
- Tether's investment: Led Orionx's Series A funding round in June 2025
- Co-founders accused: Roberto Zibert and Joaquín Díaz named in criminal complaint filed Wednesday
- Affected cryptocurrencies: Bitcoin, Ether, XRP, and Polygon assets implicated in audit
Orionx, a cryptocurrency exchange operating across multiple Latin American countries, announced a permanent shutdown following the discovery of significant discrepancies in customer asset custody. A forensic audit comparing the platform's internal records with blockchain-verifiable data revealed that balances in Orionx's systems exceeded the actual assets held at its designated custody addresses, affecting holdings in Bitcoin, Ether, XRP, and Polygon. The company initiated the review as part of compliance efforts with Chile's Fintech Law and formally suspended withdrawals as it works to recover and return customer funds.
The asset shortfall emerged during an operational review in 2025, when Orionx's chief operating officer identified a significant mismatch between recorded balances and actual holdings in August. An external forensic audit followed the internal discovery, comparing company records against onchain data to quantify the discrepancy at over $7 million. According to reports of a criminal complaint filed by the company, the alleged transfers of customer assets to external wallets occurred between 2018 and 2021, with some funds moving to accounts on other cryptocurrency platforms.
Orionx has accused co-founders Roberto Zibert and Joaquín Díaz of involvement in the asset movements, citing their access to the platform's custody systems. The criminal complaint reportedly details specific transfers, including more than $1.5 million to an account associated with Díaz across 14 separate transactions, along with significant holdings of Ether, USDT, and USDC moved to other wallets. Both co-founders have denied the allegations, stating they never acted against customer interests and suggesting the cause of the asset shortfall remains unclear.
The closure marks a notable development for Tether's Latin American expansion strategy, as the stablecoin issuer exclusively led Orionx's Series A funding round just fifteen months prior to the shutdown announcement. Founded in 2017, Orionx had grown beyond its origins as a retail exchange to provide cryptocurrency payment and financial services across Chile, Peru, Colombia, and Mexico. Neither Tether nor Orionx responded to requests for additional comment at the time of reporting.
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