Key Points
- Chilean cryptocurrency platform Orionx has announced permanent closure following a forensic investigation that uncovered more than $7 million in client funds transferred to unauthorized external wallets
- The platform has halted all withdrawal operations, impacting over 100,000 registered account holders whose funds remain in limbo
- Legal action has been initiated against co-founders JoaquĆn DĆaz and Roberto Zibert, both of whom have rejected the accusations
- The unauthorized asset movements reportedly took place during a three-year period from 2018 through 2021, involving Bitcoin, Ethereum, XRP, and Polygon
- The exchange received Series A investment from Tether in June 2025, merely 15 months prior to its collapse
A major Chilean cryptocurrency trading platform, Orionx, has announced it will cease all operations following the discovery that more than $7 million worth of customer digital assets were transferred to wallets beyond the platform’s authorized 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 now face uncertainty regarding the recovery of their holdings.
Discovery of the Asset Discrepancy
The irregularity was first identified by Orionx’s chief operating officer, Thomas Mac Millan, on August 27 when he noticed inconsistencies between user account balances recorded in the platform’s database and the actual digital assets held in custody wallets.
Following this discovery, the company initiated an internal investigation before engaging independent forensic auditors to conduct a comprehensive examination. The external audit cross-referenced the platform’s internal ledgers with blockchain transaction records, ultimately validating the existence of a significant asset gap.
The missing digital holdings comprise Bitcoin, Ethereum, XRP, and Polygon tokens, with the combined deficit surpassing $7 million in value.
According to the investigation’s findings, the questionable asset movements occurred during a period spanning from 2018 to 2021, suggesting the platform may have been functioning with a customer fund deficit for multiple years without detection.
One day before publicly announcing the closure, Orionx submitted criminal charges against two of its founding members, JoaquĆn DĆaz and Roberto Zibert.
The legal filing claims that a cryptocurrency wallet connected to DĆaz was the recipient of over $1.5 million distributed across 14 distinct transactions. A separate wallet allegedly obtained 187 Ether tokens, more than 4.1 million USDT, and 200,000 USDC.
Both accused co-founders have categorically dismissed the allegations. They maintain they never engaged in activities detrimental to customer interests and assert that the actual source of the asset shortfall has yet to be determined.
Tether’s Investment and Regulatory Obstacles
Tether spearheaded Orionx’s Series A financing initiative in June 2025. The capital injection aimed to broaden stablecoin offerings and accelerate digital dollar accessibility throughout the Latin American region.
Since its establishment in 2017, Orionx had been providing services across Chile, Peru, Colombia, and Mexico.
The shutdown arrives on the heels of regulatory challenges. Chile’s Financial Market Commission denied Orionx’s licensing request in June 2026, officially confirming the platform had been functioning without required regulatory approval mandated by Chile’s Fintech Law.
The regulatory authority has stated it will not participate in overseeing the closure procedures or any customer reimbursement efforts. Orionx indicated it would handle the resolution independently.
The platform has presented a multi-stage strategy for returning assets to account holders, though it has stopped short of promising complete restitution for all affected customers.
Tether has remained silent regarding the platform’s collapse. According to Cointelegraph’s reporting, both Tether and Orionx declined to provide statements when contacted for comment at the time their story was published.
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