Tether-backed exchange suddenly halts withdrawals ahead of shutdown

Orionx, a crypto trading exchange backed by Tether, has announced its shutdown following an audit that uncovered a $7 million gap in client assets. The Chilean exchange disclosed that a forensic audit had identified a transfer of assets greater than $7 million to wallets not managed by Orionx. The exchange has filed a complaint with the Public Prosecutor's Office and initiated a criminal lawsuit against co-founders Joaquín Díaz and Roberto Zibert.

Orionx stated that its primary objective is to expedite the return of the maximum possible assets to clients in a fair manner. The exchange has already reported the asset closure and restitution plan to authorities, with the first phase already underway. A temporary suspension of withdrawals has been implemented as part of the closing process, aiming to prevent any client from gaining an edge by withdrawing earlier than others.

The audit revealed discrepancies in Bitcoin (BTC), Ethereum (ETH), XRP, and Polygon (POL). Orionx emphasized that it is still investigating whether such discrepancies exist in additional cryptocurrencies. The founders of Orionx, Díaz and Zibert, have denied the allegations and affirmed their cooperation since the issue surfaced. They mentioned that an independent investigation would determine the truth behind the situation.