Tether-backed Orionx to shut down after audit flags $7M custody gap
Tether-backed Orionx is permanently closing after an audit found more than $7 million in customer assets had moved to wallets outside its custody.
Tether-backed Orionx is permanently closing after an audit found more than $7 million in customer assets had moved to wallets outside its custody.
Orionx, a Chilean crypto exchange backed by USDt stablecoin issuer Tether, is shutting down after uncovering a multimillion-dollar issue linked to asset custody.
The exchange said it began a permanent closure process after a forensic audit found more than $7 million in custodial assets had moved to wallets it did not manage, according to a company announcement shared on X on Thursday.
An internal review followed, and Orionx later commissioned an external forensic audit that compared its records with data verifiable onchain. The audit found that balances recorded in Orionx’s systems exceeded the assets held at its custody addresses for Bitcoin (BTC), Ether (ETH), XRP and Polygon (POL).