Orionx shuts down after audit reveals $7 million custody gap
Chilean exchange Orionx is closing permanently following a forensic audit that identified more than $7 million of client funds held in unmanaged wallets.
Orionx, a Chilean cryptocurrency exchange backed by Tether's USDt stablecoin, is permanently shutting down after a forensic audit uncovered a significant custody failure. A company announcement shared on X stated that over $7 million in custodial assets were transferred to wallets the firm did not manage. Orionx cited this discovery as the sole reason for initiating its closure process. The exchange also reported temporarily suspending withdrawals while focusing on returning client assets. This decision marks an end to a partnership between Tether and Orionx that began 15 months ago with a Series A funding round aimed at expanding digital asset adoption in Latin America. According to La Tercera, Orionx reviewed its operations under Chile's Fintech Law during 2025 to comply with financial regulations. Chief operating officer Thomas Mac Millan detected the discrepancy between system balances and actual custody records on August 27 through an internal review. The exchange subsequently commissioned an external forensic audit to investigate the matter further.
