Chilean exchange Orionx closed after discovering a $7 million asset gap

Key points

• Discovering asset differences: Chilean cryptocurrency platform Orionx ceased operations after a forensic investigation found that more than $7 million of customer funds were transferred to unauthorized wallets.
• Investment and regulatory obstacles: Orionx received Tether's Series A investment in June 2025, but only 15 months before its collapse. The platform has suspended all cash withdrawal activities, affecting more than 100,000 registered users, and the prospects for recovery are unclear.
• Legal action: The platform has filed legal proceedings against co-founders Joaquín Díaz and Roberto Zibert, but both parties have denied the allegations.
• Unauthorized financial flows reportedly occurred between 2018 and 2021 and involved Bitcoin, Ethereum, XRP and Polygon tokens.

Summary of main incidents

Based on the results of a comprehensive forensic investigation, Orionx, a major Chilean cryptocurrency trading platform, has announced its permanent closure. Surveys show that more than $7 million in customer assets have been transferred to wallets outside the platform's authorized control.

On September 3, 2026, the exchange publicly disclosed its decision to close and froze all withdrawal functions. Currently, more than 100,000 account holders face uncertainty about whether digital assets can be recovered.

Discovery of Asset Differences

Thomas Mac Millan, chief operating officer of Orionx, discovered on August 27 that there were inconsistencies between account positions reported in the platform database system and the actual cryptocurrency reserves held in the escrow wallet.

After discovering the problem, the company launched an internal investigation and subsequently hired independent forensic experts to conduct a thorough review. External auditors cross-checked internal transaction records with blockchain data and finally confirmed the existence of a huge deficit.

Unaccounted assets include multiple cryptocurrencies such as Bitcoin, Ethereum, XRP and Polygon tokens. The total value of missing funds exceeds $7 million. The investigation results showed that the suspicious transfer of funds occurred over a three-year period from 2018 to 2021, indicating that the platform may have been operating without detection for years with insufficient reserves.

The day before the public announcement of the closure, Orionx filed a criminal complaint against two of its founding members, Joaquín Díaz and Roberto Zibert. The formal complaint states that a cryptocurrency wallet associated with Díaz received more than $1.5 million in funds spread across 14 different transactions. Another purportedly acquired wallet held 187 Ethereum, as well as more than 4.1 million USDTs and 200,000 USDCs.

Both accused co-founders publicly refuted the allegations. They insist that they have never engaged in activities that harm customers, and argue that the actual source of the asset shortage has not been conclusively confirmed.

Tether's investment and regulatory dilemma

In June 2025, Tether took the lead in completing Orionx's Series A financing. This financial support aims to expand stablecoin infrastructure and accelerate the adoption of dollar digitization in Latin American markets.

Since its establishment in 2017, Orionx has been operating in Chile, Peru, Colombia and Mexico. However, the platform's closure coincides with regulatory challenges. Chile's Financial Markets Supervisory Authority (CMF) rejected Orionx's application for a business license in June 2026, formally confirming that the exchange was conducting business without obtaining the required regulatory approvals under the country's financial technology legal framework.

Regulators have made it clear that they will not be involved in supervisory closure procedures or any customer compensation efforts. Orionx said the resolution process will be handled independently.

The platform has communicated a phased strategy to return digital assets to users, but has not promised full compensation to all affected customers. As of press time, Tether remained silent about the exchange's collapse. According to reports, neither Tether representatives nor Orionx officials responded to media inquiries for official statements.