Tether-Backed Orionx Shuts Down After $7M+ Customer Asset Shortfall
Key Insights
- Tether news turns to Orionx after a $7M+ customer asset shortfall forces shutdown.
- Withdrawals remain frozen as Orionx begins its closure and restitution process.
- Tether backed Orionx in June 2025 before Chile rejected registration in June 2026.
Tether news has turned to Chile after Orionx began closing permanently following a customer asset shortfall exceeding $7 million.
A forensic audit found that customer assets had moved to cryptocurrency wallets outside the exchange’s control. Orionx responded by suspending withdrawals and starting a formal closure and asset restitution process. The exchange also filed criminal complaints against two co-founders over transfers allegedly made between 2018 and 2021.
OrionX Shut Down Follows $7 Million-Plus Asset Shortfall
The OrionX shutdown followed findings from a forensic audit of assets held in the exchange’s custody. According to Orionx, the audit identified transfers involving Bitcoin, Ethereum, XRP, and Polygon’s POL token. Those assets moved to wallets that the company says it does not control. Orionx has not explained how the transfers occurred or disclosed who currently controls those wallets.
… Continue reading the full article at the original source below.
