Chilean crypto exchange Orionx initiated a definitive wind-down of operations and suspended customer withdrawals after a forensic audit identified a $7 million shortfall in client assets on Sept. 3. The exchange confirmed that funds held in custody were transferred to external wallets not administered by Orionx.
Orionx, backed by stablecoin issuer Tether, filed a complaint with the Public Prosecutor's Office and a criminal lawsuit against co-founders Joaquín Díaz and Roberto Zibert, alleging their involvement in the asset transfers.
The audit detected specific discrepancies in Bitcoin, Ethereum, XRP and Polygon holdings. Orionx stated it is continuing to analyze whether similar discrepancies exist in other cryptocurrencies held by the platform.
Withdrawals were halted to prevent any client from gaining an unfair advantage by withdrawing assets before others, according to the exchange.
Díaz and Zibert denied the allegations and said they have been cooperating with investigations since the issue first emerged. They called for an independent investigation to establish what transpired, asserting there is currently no certainty regarding the company's accounting discrepancies.
Orionx has reported its asset closure and restitution plan to authorities, with the initial phase underway. The exchange said its immediate priority is to return the maximum possible amount of assets to clients.
