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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
09/07/2026

Orionx Exchange Shuts Down After $7M+ Custody Gap; Tether Scrubs Funding Ties

What happened: Chilean crypto exchange Orionx, which operated across four Latin American countries and counted over 100,000 users, announced its permanent closure after a forensic audit revealed more

Orionx Exchange Shuts Down After $7M+ Custody Gap; Tether Scrubs Funding Ties

What happened: Chilean crypto exchange Orionx, which operated across four Latin American countries and counted over 100,000 users, announced its permanent closure after a forensic audit revealed more than $7 million in customer assets were missing from company-controlled wallets. The gap—spanning BTC, ETH, XRP, and Polygon—was traced to unauthorized transfers between 2018 and 2021, with criminal complaints filed against co-founders Roberto Zibert and Joaquín Díaz. Tether, which led Orionx’s Series A in June 2025, has quietly removed mention of its investment. Orionx’s application for regulatory approval was rejected in June 2026, and all withdrawals are now suspended.

Why it matters: The Orionx collapse is the largest confirmed LatAm crypto exchange failure since 2022, raising new questions about due diligence by major backers like Tether and the challenges of enforcing custody standards in emerging markets. Tether’s silent distancing from Orionx underscores reputational risks for stablecoin issuers involved in regional expansion. With Chile’s regulators refusing to license Orionx, the episode highlights persistent gaps in oversight even as MiCA and other frameworks come online elsewhere.

Source: Cointelegraph; Crypto Briefing