Image Credit: orionx.com
Chilean crypto exchange Orionx has suspended withdrawals and begun permanently shutting down after a forensic audit identified more than $7 million in custodial assets transferred to wallets the company said were outside its control. Orionx, whose Series A funding round was led by Tether in 2025, said its priority is returning as much customer property as possible.
Audit Identifies More Than $7 Million Custody Gap
Orionx announced the permanent closure process on Sept. 3 after completing a forensic review of transactions involving assets held in custody. The audit identified more than $7 million in custodial assets transferred to wallets that Orionx said were outside its control.
The exchange reported the findings to Chile’s Public Prosecutor’s Office and requested an investigation. Orionx also said it filed a criminal complaint against former executives on Sept. 2, although the complaint does not establish criminal liability.
Withdrawals Suspended During Restitution Process
Orionx temporarily suspended customer withdrawals as part of the closure. The company said the restriction is intended to treat customers equally and prevent some users from gaining an advantage by withdrawing before others.
Orionx said it had submitted a closure and asset-restitution plan to the appropriate authority, with the first phase already being implemented. The company has not said that every customer will recover 100% of their assets.
Chilean Regulator Had Rejected Orionx Application
The shutdown follows an earlier regulatory setback. Chile’s Financial Market Commission, or CMF, rejected Orionx’s application for registration and authorization under the country’s Fintech Law on June 19, 2026.
The CMF said Orionx was never registered or authorized to provide regulated services under the law. It also clarified on Sept. 4 that it is not supervising Orionx’s closure plan and cannot order the restitution of customer funds or assets.
Tether Led Orionx Series A in 2025
Orionx said in company communications that it completed a Series A funding round led by Tether in 2025. The investment was presented as supporting Orionx’s expansion of stablecoin payments and financial infrastructure in Latin America.
The investment does not establish that Tether is responsible for Orionx customer liabilities. Orionx remains in the first stage of its closure process while authorities investigate the movement of the custodial assets.
