Orionx, a Chilean cryptocurrency trading platform supported by the USDt stablecoin creator Tether, is shutting down following the discovery of a multi-million-dollar discrepancy concerning asset custody.
The trading platform stated it initiated a permanent winding-down procedure after a forensic examination revealed that over $7 million in held funds had migrated to external wallets outside of its control, according to a corporate post published on X on Thursday.
“Our sole priority now is to return as much of our clients’ assets as possible,” Orionx stated, while noting that withdrawals remain temporarily frozen.
This shutdown arrives merely 15 months after Tether spearheaded Orionx’s Series A financing round as part of its wider initiative to boost digital currency adoption throughout Latin America.
Orionx leaves timing of $7 million transfers unclear
The Orionx statement did not clarify the exact timeframe when the transfers surpassing $7 million took place or how the shortfall was initially uncovered.
In an effort to meet the requirements of Chile’s Fintech Law, Orionx undertook an operational review in 2025 and brought in external financial specialists, according to leading Chilean publication La Tercera, referencing the firm’s legal filing.
On August 27, Chief Operating Officer Thomas Mac Millan identified a “substantial discrepancy” between the balances logged in Orionx software systems and the actual reserves maintained in custody, based on the complaint records.
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An internal investigation ensued, prompting Orionx to enlist an independent forensic auditing firm to contrast its internal database with verifiable onchain data. The review concluded that system balances exceeded the reserves kept in designated custody addresses for Bitcoin (BTC), Ether (ETH), XRP, and Polygon (POL).
The legal filing reportedly claims that funds were drained from Orionx storage between 2018 and 2021, with destinations including accounts on alternative digital asset trading platforms.
Orionx accuses co-founders, who deny wrongdoing
Orionx reported that it submitted a criminal filing on Wednesday directed at former executives Roberto Zibert and Joaquín Díaz, both co-founders who allegedly possessed authorization over the company’s cryptocurrency custody framework.
The legal action claims that an account linked to Díaz acquired in excess of $1.5 million distributed across 14 separate transfers, while a separate wallet reportedly obtained 187 Ether, over 4.1 million USDt (USDT), and 200,000 USDC originating from Orionx, as outlined by La Tercera.
Former executive and Orionx co-founder Roberto Zibert. Source: LinkedIn
Both Zibert and Díaz rejected the accusations, asserting they never acted against client interests and stating that the underlying catalyst for the Orionx fund deficit remains unknown.
Tether backed Orionx in 2025
Established within Chile in 2017, Orionx expanded from a consumer-focused digital asset exchange into a service provider delivering crypto payment solutions across Chile, Peru, Colombia, and Mexico.
Tether completed an investment in Orionx during June 2025, acting as the sole lead investor for the exchange’s Series A funding initiative, according to a cached edition of the Tether corporate announcement. That original announcement is no longer accessible on the official Tether portal.
Cointelegraph reached out to both Tether and Orionx for statements but received no replies prior to publication.
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Originally published at https://cointelegraph.com/news/orionx-shut-down-7-million-move-outside-wallets?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
