Chilean crypto exchange Orionx has suspended customer withdrawals and begun winding down operations after a forensic audit detected more than $7 million in custodied assets moved to wallets outside the company's control.
Orionx claims the audit determined that two founding partners, Joaquín Díaz and Roberto Zibert, along with other former employees, were allegedly aware of and involved in transactions leading to the asset-liability mismatch. The exchange has filed a criminal complaint with Chile's Public Prosecutor's Office.
Local media reports the complaint specifies transactions executed between 2018 and 2021, with cryptocurrency transferred from Orionx wallets to accounts associated with the company's email on other platforms. According to the audit, the withdrawn funds were used in market operations that generated realized gains and losses, plus trading fees.
Orionx has paused user withdrawals and stated there is no guarantee users will retrieve 100 percent of their funds.
Chile's Financial Market Commission (CMF) noted that Orionx was not authorized to offer cryptocurrency financial services. The CMF had rejected the exchange's authorization request in July, stating it was operating outside Fintec Law provisions. The CMF advised users to maintain account statements and transaction records and pursue legal action through Chilean courts for restitution.
Orionx, founded in 2017, had a registered user base exceeding 100,000 customers. The exchange was Tether-backed.
