Orionx, a Chilean cryptocurrency exchange once backed by stablecoin giant Tether, is closing after a forensic audit reportedly found a custody gap of more than $7 million. The company has suspended customer withdrawals and filed a criminal complaint against two former executives.
Orionx SpA ran a platform in Chile that let people buy, sell, and store crypto. It announced it would begin permanently shutting down its operations, according to reporting from Diario Financiero. The English-language crypto outlet Crypto.news dates the start of that closure process to September 3. For related coverage, see Liquid Network Says About 4,000 BTC Left Federation Wallet.
A custody gap simply means the company appears to hold less crypto than it owes its customers. In plain terms, the money that should be sitting in storage does not fully add up. For related coverage, see Bitcoin Price Outlook If the Fed Hikes Rates in 11 Days.
Orionx is reportedly closing after a custody audit
The closure follows a forensic audit that Diario Financiero attributes to Deloitte. Sources familiar with that examination described a shortfall of at least US$6,982,643, while the broader closure account describes a gap exceeding $7 million. For related coverage, see XRP Pulls Back as BIS Tests XRPL and Jobs Data Hits Crypto.
Orionx: reported audit shortfall minimum
At least US$6,982,643
It is important to read the sequence carefully. The reporting places the closure after the audit, but does not independently confirm the audit alone caused the shutdown. The full Deloitte report, its valuation date, and its calculation method were not made public.
The reporting also notes the audit identified transfers to wallets not administered by Orionx. Those assets had not been recovered at the time of the report, according to Diario Financiero.
What the reported $7 million custody gap leaves unresolved
A key detail is that the audit figure is described as a minimum, not a final loss. The precise amount cited, plus the broader “more than $7 million” description, are two ways of framing the same unresolved shortfall.
That distinction matters for readers. A reported custody gap is not the same as proven theft, confirmed insolvency, or a final tally of customer losses. None of those conclusions have been independently established.
Orionx filed a criminal complaint naming former technology manager Joaquín Díaz and former general manager Roberto Zibert over alleged disloyal administration, Diario Financiero reported. Filing a complaint is an accusation, not a finding of guilt.
The two men categorically rejected the allegations in a joint response reported by Chilevisión, according to Crypto.news, and said the cause of the deficit had not been established. So the reason behind the gap remains genuinely disputed.
Questions about customer funds and Tether’s backing
Orionx suspended customer withdrawals as part of a planned asset restitution process, both fetched reports say. Full recovery for customers was not guaranteed in that reporting.
Chile’s financial regulator, the Comisión para el Mercado Financiero (CMF), added an important caveat. Crypto.news reported the CMF said on September 4 that Orionx was neither registered nor authorized under the country’s Fintech Law, and that its application had been rejected on June 19. The regulator said it did not supervise the firm and could not order repayment.
This resembles concerns seen elsewhere, such as recent moves in South Korea over crypto held at troubled exchanges. When a platform is not authorized, customers often have fewer formal protections.
The “Tether-backed” label needs care too. Tether announced on June 3, 2025 that it exclusively led Orionx’s Series A funding round, describing operations in Chile, Peru, Colombia and Mexico.
That was an investment, not a guarantee. The announcement gives no evidence that Tether still held a specific stake at closure, oversaw custody, or promised to cover customer losses. Notably, that funding pitch emphasized self-custodial digital assets, which contrasts with the custody arrangements now in question.
Tether itself remains stable as a token. Its USDT stablecoin traded at about $1.00 around the time of research, consistent with concerns that dollar stablecoins now anchor much of Latin American crypto activity.
For a regular crypto holder, the practical lesson is simple. Money held on an exchange sits under that company’s control, and here the promised balances reportedly did not match reality. Confirming whether a platform is licensed, and moving funds you are not actively trading into your own wallet, reduces exposure to exactly this kind of shortfall.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
