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Tether-backed exchanges suddenly suspended withdrawals and are about to close

2026-09-07 03:29:37
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Orionx announced its closure after an audit found a US$7 million asset gap.

Orionx, a cryptocurrency trading platform backed by stablecoin giant Tether, announced on September 3 that it will stop operations after an audit found a US$7 million gap in customer assets. The Chile-based exchange disclosed that a forensic audit confirmed that assets worth more than $7 million held at it were transferred to wallet addresses not managed by the company.

Take legal action and prioritize customer rights

Orionx said it had filed a complaint with the Public Prosecutor's Office to initiate an investigation and filed criminal charges against co-founders Joaquín Díaz and Roberto Zibert. The exchange emphasized that the top priority now is to return as much of customer assets as possible as possible as soon as possible and fairly. It is reported that the asset freezing and compensation plan has been reported to the authorities, and the first phase of work is being implemented.

As part of the shutdown process, Orionx temporarily suspended the cash withdrawal feature, saying the move was aimed at preventing any customer from gaining undue advantages by proactively withdrawing cash. According to local news reports, the audit found differences in assets such as Bitcoin (BTC), Ethereum (ETH), XRP and Polygon (POL). Orionx warned that it is still analyzing whether other cryptocurrencies have similar problems.

Founders deny allegations

According to reports, Díaz and Zibert denied the allegations and said they have actively cooperated with the investigation since the issue came to light. "To date, there is still no conclusive or clear conclusion on the situation of corporate accounting differences." The two founders said in a statement that an independent investigation will find out the truth.

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