Orionx, a Santiago-based cryptocurrency exchange backed by Tether, announced its permanent closure on September 3 after a forensic audit revealed a custody shortfall exceeding $7 million in customer assets. The exchange simultaneously suspended all withdrawals, leaving more than 100,000 registered users unable to access their funds.
The day before going public with the shutdown, Orionx filed a criminal complaint against its co-founders Joaquín Díaz and Roberto Zibert, along with other former employees. The allegations center on unauthorized transfers of customer assets that reportedly occurred between 2018 and 2021.
A forensic audit with ugly results
The audit compared Orionx’s internal transaction records against on-chain data. What it found was a gap between what users’ accounts said they held and what the exchange’s wallets actually contained.
The missing assets span several major tokens: Bitcoin, Ether, XRP, and Polygon’s POL. According to the audit’s findings, those assets had been moved to external addresses without proper authorization.
Orionx has announced a phased restitution plan to try making users whole, but the exchange itself acknowledged it cannot guarantee full recovery. The restitution process remains in its earliest stages, with no independent verification confirming whether the transferred assets can actually be recovered.
Both Díaz and Zibert have denied any wrongdoing.
Tether’s investment and Chile’s regulatory rejection
Tether was the sole investor in Orionx’s Series A funding round in June 2025, barely 15 months before the exchange collapsed.
Chile’s Financial Market Commission, known as the CMF, confirmed on September 4 that Orionx’s license application had been rejected on June 19, 2026. The regulator noted that the exchange had never operated under Chile’s Fintech Law, meaning it was never formally supervised by the country’s financial authorities.