ORIONX Faces Closure Due to the Loss of $7 Million in Customer Assets: A Chronological Account

Chilean cryptocurrency exchange ORIONX has begun closing its business after a forensic audit found a multimillion dollar gap in customer assets. More than $7 million in crypto had allegedly moved from company custody to wallets outside its control. 

The ORIONX shutdown has frozen withdrawals for more than 100,000 reported users and placed the recovery of customer funds at the center of a complex legal process.

Key Takeaways

• ORIONX found a custody gap exceeding $7 million.
• Customer withdrawals remain suspended during the closure.
• Two former executives deny the allegations against them.

From Regional Expansion to Closure

ORIONX began operating in Chile in 2017. The company later expanded its crypto payment and financial services into Peru, Colombia, and Mexico.

Tether invested in ORIONX in June 2025 and led its Series A funding round. The investment formed part of Tether’s effort to support digital asset adoption across Latin America. ORIONX is now closing about 15 months after that investment.

The first stage of the ORIONX shutdown chronology reaches further back. The criminal complaint alleges that questioned asset transfers occurred between 2018 and 2021. Some funds allegedly moved into accounts on other crypto platforms.

These claims have not yet produced a final court finding.

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August 27: A Custody Mismatch Is Detected

ORIONX reviewed its operations during 2025 as it worked toward compliance with Chile’s Fintech Law. The company also brought financial professionals into its operations.

On August 27, chief operating officer Thomas Mac Millan detected a significant difference between customer balances shown in ORIONX records and the crypto held in company custody wallets.

ORIONX conducted an internal review and later hired external specialists to perform a forensic audit. The auditors compared the exchange’s records with transactions visible on public blockchains.

The review found shortages involving Bitcoin, Ether, XRP, and Polygon. The reported accounting differences included about $3.93 million in Bitcoin, $2.29 million in Ether, $762,017 in XRP, and $201 in Polygon.

Together, those figures total about $6.98 million. ORIONX publicly described the questioned transfers as exceeding $7 million, while its complaint reportedly estimated the resulting loss at about $6.07 million. 

The different figures appear to describe separate measurements of the custody problem.

September 2: Criminal Complaint Filed

ORIONX filed a report with Chile’s Public Prosecutor’s Office and submitted a criminal complaint dated September 2. The complaint named cofounders and former executives Roberto Zibert and Joaquín Díaz.

ORIONX accused the former executives of disloyal administration. The complaint alleges that an account associated with Díaz received more than $1.5 million through 14 transfers.

Another wallet allegedly received 187 Ether, more than 4.1 million USDT, and 200,000 USDC. 

The complaint also alleges that 79 Bitcoin connected to ORIONX custody moved through accounts linked to Zibert and an ORIONX commission email address before reaching an unidentified account.

Zibert and Díaz denied wrongdoing. They said they had never acted against customer interests and argued that the cause of the asset shortage remains unclear.

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Why ORIONX Shutdown Became the Final Decision

The forensic findings left ORIONX unable to reconcile all customer balances with the assets under its control. The company suspended withdrawals and began a permanent closure process.

In simple terms, ORIONX faces closure due to the loss of customer assets because its internal records showed more crypto than its custody wallets contained. The company said its priority is to recover and return as much customer property as possible.

Full repayment is not guaranteed.

Regulatory Limits Complicate Customer Recovery

Chile’s Commission for the Financial Market said it does not supervise the closure and cannot order ORIONX to repay customers. The regulator rejected the exchange’s application for registration and authorization under the Fintech Law on June 19.

Following that rejection, ORIONX could complete existing operations but could not begin new ones. The regulator also said the exchange had not demonstrated that it held the guarantees required from authorized service providers.

Customers have been advised to submit claims directly to ORIONX. They should preserve account statements, transaction records, balance screenshots, and communications with the company. 

They may also seek restitution through Chilean courts or report suspected crimes to judicial authorities.

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What Happens Next?

ORIONX describes restitution as a five stage process. The exchange remains at the first stage, which covers the public closure notice.

Later stages involve opening customer support, reconciling balances, approving a restitution plan, and returning available assets. The final amount each customer may recover will depend on the assets ORIONX can locate and control.

FAQ

Why did ORIONX shut down?

The exchange began closing after an audit identified more than $7 million in assets that had allegedly moved to wallets outside company control.

Can customers withdraw their funds?

No. ORIONX has temporarily suspended withdrawals while it reconciles balances and prepares a restitution plan.

Have the former executives been found guilty?

No. ORIONX filed criminal allegations against Roberto Zibert and Joaquín Díaz. Both men deny wrongdoing, and no final court decision has been reported.

Will customers receive all their assets?

ORIONX has promised to return as much as possible, but it has not guaranteed full recovery.

Does Chile’s financial regulator oversee the repayment?

No. The CMF said it does not supervise the closure and lacks authority to order customer repayments.

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