Chilean Exchange Orionx Shuts Down Following Discovery of $7M Asset Gap

Key Points

• Orionx, a Chilean cryptocurrency platform, has ceased operations following a forensic investigation that uncovered over $7 million in client funds transferred to unauthorized external wallets
• The platform has halted all withdrawal activity, impacting more than 100,000 registered accounts with uncertain recovery prospects
• Legal action has been initiated against platform co-founders Joaquín Díaz and Roberto Zibert, both of whom have rejected the accusations
• The unauthorized asset movements reportedly took place between 2018 and 2021, involving Bitcoin, Ethereum, XRP, and Polygon tokens
• The exchange received Series A investment from Tether in June 2025, merely 15 months prior to its collapse

A major Chilean cryptocurrency trading platform, Orionx, has announced its permanent closure following the discovery that over $7 million in client assets were transferred to wallets beyond the platform’s authorized control, according to findings from a comprehensive forensic investigation.

On September 3, 2026, the exchange publicly disclosed its shutdown decision and simultaneously froze all withdrawal capabilities. More than 100,000 account holders now face uncertainty regarding the recovery of their digital holdings.

Discovery of the Asset Discrepancy

Thomas Mac Millan, serving as Orionx’s chief operating officer, identified inconsistencies between reported account holdings in the platform’s database systems and the actual cryptocurrency reserves held in custody wallets on August 27.

Following this discovery, the company initiated an internal investigation before engaging independent forensic specialists to conduct a thorough examination. The external auditors cross-referenced internal transaction records with blockchain data, ultimately validating the substantial deficit.

The unaccounted assets encompass multiple cryptocurrencies including Bitcoin, Ethereum, XRP, and Polygon tokens. The aggregate value of missing funds surpassed $7 million.

According to investigative findings, the questionable asset transfers occurred during a three-year period spanning 2018 through 2021, suggesting the platform potentially operated with inadequate customer reserves for several years without detection.

One day before publicly announcing the shutdown, Orionx submitted criminal complaints targeting two of its founding members, Joaquín Díaz and Roberto Zibert.

The formal complaint asserts that a cryptocurrency wallet connected to Díaz received transfers exceeding $1.5 million distributed across 14 distinct transactions. A separate wallet allegedly obtained 187 Ether tokens, in addition to more than 4.1 million USDT and 200,000 USDC.

Both accused co-founders have publicly disputed these claims. They maintain they never engaged in activities detrimental to customer interests and assert that the actual source of the asset shortfall has not been definitively established.

Tether’s Investment and Regulatory Obstacles

In June 2025, Tether spearheaded Orionx’s Series A capital raise. The financial backing aimed to broaden stablecoin infrastructure and accelerate digital dollar adoption throughout Latin American markets.

Since its 2017 establishment, Orionx had maintained operations across Chile, Peru, Colombia, and Mexico.

The platform’s closure coincides with regulatory challenges. Chile’s Financial Market Commission denied Orionx’s operating license request in June 2026, officially confirming the exchange had been conducting business without required regulatory approval under the country’s Fintech Law framework.

The regulatory body has explicitly stated it will not participate in overseeing the closure procedures or any customer reimbursement efforts. Orionx has indicated it will handle the resolution process independently.

The platform has communicated a multi-stage strategy for returning digital assets to users, though it has stopped short of guaranteeing complete restitution for all affected customers.

As of publication, Tether has remained silent regarding the exchange’s collapse. According to Cointelegraph’s reporting, neither Tether representatives nor Orionx officials provided responses to media inquiries requesting official statements.

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