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XRP TLDR: Orionx asset gap triggers criminal complaints
The Tether-backed exchange faces regulatory setbacks. Orionx announced its permanent closure after confirming a shortfall in customer assets of more than $7 million. All withdrawal operations have been frozen, and Orionx is filing criminal complaints against former executives. Chilean regulators had rejected Orionx's registration application months before the audit report was released. As the only investor in its 2025 Series A financing, Tether has supported the development of Orionx.
Orionx asset gap triggers criminal complaints
Orionx, the Chilean cryptocurrency exchange backed by Tether-, has begun to permanently close. A forensic audit found that more than $7 million in customer assets were transferred into wallets beyond the company's control. The exchange suspended all withdrawals and filed criminal complaints against two former executives. Previously, Chilean financial regulators had rejected Orionx's registration application.
Following the announcement of the audit results, Orionx filed a complaint with the Chilean Prosecutor's Office. The company said the audit confirmed that assets in custody were transferred to its unmanaged wallets. According to the announcement, this asset gap now exceeds $7 million. Orionx said the discovery prompted the company to conduct an immediate internal review of custody practices.
Investigators are examining transactions involving Bitcoin, Ethereum, Ripple (XRP) and Polygon's POL tokens. Orionx filed a criminal complaint on September 2, 2026, accusing co-founders Roberto Zibert and Joaquín Díaz of involvement. The company alleges that the transfers occurred between 2018 and 2021. Those years were a period of rapid expansion for the exchange in the Chilean cryptocurrency market.
Both men denied any wrongdoing related to the alleged transfer. Orionx has not disclosed further details on how the funds left its custody. The exchange also did not disclose a recovery timetable to affected customers. There is currently no third party independently confirmed the location of the missing assets.
The exchange stated that client funds will remain its top priority during the shutdown. Withdraws remain frozen to ensure that no customer gains an advantage over other customers during the shutdown period. Orionx described the freeze as an interim measure in connection with its compensation process. The company said each stage of the process will be reported directly to customers.
Tether-backed exchanges face regulatory setbacks
Tether led Orionx's Series A funding round as the exclusive investor in June 2025. Although the deal was previously public, the original announcement no longer appears on Tether's website. Tether has not issued a new statement responding to the closure. Early support from stablecoin issuers increased Orionx's visibility among regional traders.
Chile's financial regulator rejected Orionx's registration application in June 2026. The refusal came months before a forensic audit exposed asset gaps. Despite setbacks, Orionx continues to operate in the cryptocurrency market. Regulators have not commented publicly on the newly disclosed asset gap.
Orionx has submitted a Closure and Asset Return Plan to the Chilean authorities. The company said the first phase of the plan is currently being implemented. Orionx has not disclosed a full timetable for completing the compensation process. Customers are still waiting for news on when frozen funds may be unfrozen again.
Orionx is committed to keeping customers informed as long as the process continues. The company said this situation has caused concern and uncertainty for users. Orionx said it would handle the closure with transparency and respect for customers. The exchange reiterated that the return of client assets is its only focus.
