Key Points
- Orionx, a Chilean cryptocurrency platform, has permanently ceased operations following a forensic investigation that uncovered more than $7 million in customer funds transferred to unauthorized external wallets
- The platform has halted all withdrawal operations, impacting over 100,000 registered account holders who face uncertainty regarding fund recovery
- Legal action has been initiated against co-founders JoaquĂn DĂaz and Roberto Zibert, both of whom have refuted the allegations
- The unauthorized asset movements allegedly took place between 2018 and 2021, involving Bitcoin, Ethereum, XRP, and Polygon tokens
- Tether spearheaded Orionx’s Series A investment round in June 2025, approximately 15 months prior to the platform’s collapse
One of Chile’s prominent cryptocurrency trading platforms, Orionx, has announced its permanent closure following the discovery of a significant custody deficit exceeding $7 million in client assets that were relocated to wallets beyond the platform’s operational control.
The platform made its shutdown announcement public on September 3, 2026, simultaneously freezing all withdrawal capabilities. More than 100,000 users with registered accounts are currently in limbo regarding the potential recovery of their digital assets.
Investigation Unveils Financial Discrepancy
The initial discovery came from Orionx’s chief operating officer, Thomas Mac Millan, who identified inconsistencies between the balance records displayed in the platform’s database and the actual cryptocurrency holdings in custody on August 27.
Following this discovery, an internal investigation was launched, which subsequently led to the engagement of external forensic auditors. The independent audit cross-referenced internal accounting records with blockchain transaction data, validating the existence of a substantial asset gap.
The deficit encompasses multiple cryptocurrencies, including Bitcoin, Ethereum, XRP, and Polygon tokens. The cumulative value of missing assets surpassed $7 million.
According to the investigation findings, the questionable transfers occurred during a three-year period spanning 2018 to 2021, suggesting the exchange may have been functioning with a hidden client fund deficit for several years prior to discovery.
One day before publicly announcing the closure, Orionx submitted criminal complaints with authorities targeting two of its founding members, JoaquĂn DĂaz and Roberto Zibert.
The legal filing asserts that a cryptocurrency wallet associated with DĂaz received upwards of $1.5 million through 14 distinct transactions. A separate wallet allegedly obtained 187 Ether tokens, along with more than 4.1 million USDT and 200,000 USDC stablecoins.
Both accused founders have publicly rejected these claims. They maintained they have never engaged in actions detrimental to customer interests and stated that the actual origin of the asset shortfall has yet to be determined.
Tether’s Financial Backing and Licensing Complications
Tether served as the lead investor in Orionx’s Series A financing round during June 2025. The capital infusion was intended to facilitate the expansion of stablecoin offerings and enhance digital dollar accessibility throughout Latin American markets.
Since its establishment in 2017, Orionx had maintained operations across Chile, Peru, Colombia, and Mexico.
The shutdown arrives on the heels of regulatory complications. Chile’s Financial Market Commission denied Orionx’s licensing request in June 2026, verifying that the exchange had been conducting business without the necessary regulatory approval mandated under Chile’s Fintech Law.
The regulatory body has explicitly stated it will not participate in overseeing the closure proceedings or any customer compensation initiatives. Orionx has indicated it will handle the matter independently.
The exchange has presented a staged approach for returning assets to affected users, though it has stopped short of promising complete reimbursement for all account holders.
Tether has remained silent regarding the closure situation. According to Cointelegraph’s reporting, both Tether and Orionx failed to provide responses to media inquiries at the time of their coverage.
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