Chilean crypto exchange Orionx began the process of permanently shutting down operations as of September 3, 2026, following the discovery of missing customer funds. A forensic audit revealed that more than $7 million in user assets had been moved to digital wallets outside the company’s control. Management immediately suspended all withdrawal requests and acknowledged they could not guarantee a 100% return of client assets.
The crisis first surfaced when COO Thomas Mac Millan discovered discrepancies between internal system balance records and assets held at custody addresses on August 27. Mac Millan’s suspicions prompted the exchange to launch an external forensic audit. The findings confirmed that internal balances for Bitcoin, Ether, XRP, and Polygon did not match the available assets in the primary vault.
Orionx took legal action on September 2, 2026, by filing criminal charges with Chilean prosecutors. The lawsuit targets former General Director Roberto Zibert and former Technology Manager Joaquín Díaz. Both are co-founders who held authority and direct access to custody systems.
Where Did the Customer Assets Go?
The criminal complaint details irregularities in the flow of funds tied to the founders. An account linked to Díaz reportedly received over $1.5 million across 14 transfers. The investigation also alleged that a separate wallet held 187 ETH, more than 4.1 million USDT, and 200,000 USDC from the Orionx platform.
All contested transactions allegedly took place between 2018 and 2021. Zibert and Díaz have denied all allegations, stating that the exact cause of the asset deficit remains unknown. To date, the asset transfer case remains an allegation and has not yet reached a court ruling.
The situation for customers grew even more challenging after financial regulators intervened. Chile’s Financial Market Commission (CMF) emphasized that Orionx is neither registered nor licensed to operate under Chile’s Fintech Law. Amid the uncertain shutdown process, Orionx management has only issued a warning advising customers to stay vigilant against potential scams impersonating the company.
The Scrubbed Tether Investment
The shutdown of Orionx also implicates the world’s largest stablecoin issuer. In June 2025, Tether led Orionx’s Series A funding round. The investment was originally designed as a strategic foothold for Tether’s digital asset expansion across Latin America.
The gap between Tether’s funding injection and the closure of the Orionx exchange was just 15 months. Traces of that financial backing have now vanished from the public eye - Tether has already removed the investment announcement from its official website.
Reported via Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
