The exchange, which operated without official oversight from the Chilean Financial Market Commission after its licensing application was rejected in June, claims the shortfall stems from unauthorized asset movements. Internal audits suggest that while customer balances appeared accurate in company records, the actual holdings in custodial wallets for Bitcoin, Ether, XRP, and Polygon were insufficient. Orionx has filed a criminal complaint against former general manager Roberto Zibert and former technology manager Joaquín Díaz, alleging they exploited privileged access to transfer funds to external wallets between 2018 and 2021.
In section Cryptocurrency
Chilean Exchange Orionx Collapses After $7 Million Custody Shortfall
Chilean cryptocurrency exchange Orionx has initiated a permanent shutdown following the discovery of a $7 million discrepancy in its custodial wallets. The platform, which received Series A backing from Tether last year, has suspended all customer withdrawals while launching a criminal investigation into two former executives.
Zibert and Díaz have categorically denied the allegations, maintaining that the root cause of the deficit remains unproven and that they never acted against the interests of their clients. Because the Financial Market Commission never authorized the platform under Chile’s Fintech Law, regulators have stated they possess no authority to supervise the closure or mandate asset repayment. As the restitution process begins, the company has warned users to remain vigilant against phishing attempts, noting that it will not solicit private keys or 2FA codes through informal channels. With no concrete repayment schedule or guarantee of full recovery, customers are left in a state of high uncertainty regarding their remaining holdings.
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