{"investigation":{"slug":"orionx-chile-exchange-shutdown","entity_name":"Orionx (Chile Exchange Shutdown)","trust_score":4,"severity_base":null,"score_modifier":0,"confidence":0.75,"status":"draft","content_type":"investigation","summary":"Orionx, a Chilean cryptocurrency exchange founded in 2017 and backed by a June 2025 Tether-led Series A investment, began a permanent shutdown on September 3, 2026 after a forensic audit found that more than $7 million in customer-custodied assets had been moved to wallets outside the company's control. Chile's Financial Market Commission (CMF) had rejected Orionx's application for authorization under the country's Fintech Law in June 2026, and Orionx subsequently filed criminal complaints against two former executives, alleging misappropriation of customer assets over a multi-year period from 2018 to 2021. More than 100,000 registered users are reported to be affected, with recovery of funds uncertain.","sections":[{"content":"According to multiple crypto news outlets, Orionx's chief operating officer, Thomas Mac Millan, identified a significant mismatch between customer account balances recorded in the platform's internal database and the digital assets actually held in the company's custody wallets, first noticed on August 27, 2026. A subsequent forensic audit, which compared on-chain records against internal company data, found that more than $7 million in customer-custodied assets — reportedly including Bitcoin, Ether, XRP, and Polygon (MATIC) — had been transferred to wallets the company did not administer. Orionx announced the start of a permanent closure process on September 3, 2026, and suspended customer withdrawals.","heading":"Discovery of the $7 Million Custody Shortfall","sources":[{"url":"https://coinpaprika.com/news/chilean-exchange-orionx-shuts-down-7m-custody/","name":"Chilean Exchange Orionx Shuts Down Over $7M Custody Shortfall — Coinpaprika","type":"news_article","credibility":2},{"url":"https://cointelegraph.com/news/orionx-shut-down-7-million-move-outside-wallets","name":"Tether-Backed Orionx Shuts Down After $7M Custody Gap — Cointelegraph","type":"news_article","credibility":1},{"url":"https://parameter.io/chilean-exchange-orionx-shuts-down-after-7m-in-customer-funds-go-missing/","name":"Chilean Exchange Orionx Shuts Down After $7M in Customer Funds Go Missing — Parameter","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Orionx filed a criminal complaint alleging that customer assets were misappropriated over a multi-year period from 2018 to 2021, naming two former executives: Roberto Zibert (described in reporting as former general manager and co-founder) and Joaquín Díaz (described as former technology manager and co-founder). Reporting citing the complaint states that a wallet linked to Díaz allegedly received over $1.5 million across 14 transactions, and that a separate wallet allegedly obtained 187 Ether, roughly 4.1 million USDT, and 200,000 USDC. Both Zibert and Díaz have denied the allegations, stating that the actual source of the shortfall has yet to be determined and that they never acted against customers' interests. These allegations are unproven and remain the subject of a criminal investigation; no charges, indictment, or judicial finding of guilt has been reported.","heading":"Criminal Complaints Against Former Executives","sources":[{"url":"https://www.eldinamo.cl/economia/negocios-economia/2026/09/05/orionx-la-caida-de-la-plataforma-chilena-de-criptomonedas-tras-perdida-de-usd-7-millones/","name":"Orionx: la caída de la plataforma chilena de criptomonedas — El Dínamo","type":"news_article","credibility":2},{"url":"https://parameter.io/chilean-exchange-orionx-shuts-down-after-7m-in-customer-funds-go-missing/","name":"Chilean Exchange Orionx Shuts Down After $7M in Customer Funds Go Missing — Parameter","type":"news_article","credibility":2},{"url":"https://cointelegraph.com/news/orionx-shut-down-7-million-move-outside-wallets","name":"Tether-Backed Orionx Shuts Down After $7M Custody Gap — Cointelegraph","type":"news_article","credibility":1}],"severity":"critical"},{"content":"Chile's Comisión para el Mercado Financiero (CMF) rejected Orionx's application for enrollment and authorization on the Registry of Financial Services Providers under Chile's Fintech Law (Ley N°21.521) on June 19, 2026, according to reporting and the CMF's own public statement. The regulator cited failure to submit complete required documentation, including audited financial statements from external auditors and proof of client-protection guarantees. Orionx characterized the rejection at the time as \"formal, not definitive,\" and said it would appeal. Following the rejection, Orionx lost the temporary operating authorization it held under the Fintech Law's transition regime. In a public statement dated September 4, 2026, the CMF reiterated that Orionx \"is neither registered nor authorized\" by the Commission, that it was never under CMF supervision, and that the CMF has no authority over Orionx's closure process or any restitution of customer funds — meaning affected users must pursue claims directly against the company or through Chilean courts.","heading":"Regulatory Status: CMF Rejection and Lack of Oversight","sources":[{"url":"https://www.cmfchile.cl/portal/prensa/625/w4-article-113273.html","name":"CMF reitera al público que la entidad Orionx y sus actividades no son fiscalizadas por esta Comisión — CMF Chile (official)","type":"regulatory","credibility":1},{"url":"https://www.cmfchile.cl/portal/principal/623/w4-article-113253.html","name":"CMF reiterates to the public that the entity known as Orionx... — CMF Chile (official)","type":"regulatory","credibility":1},{"url":"https://www.latercera.com/pulso/noticia/ley-fintech-cmf-rechaza-solicitud-de-orionx-para-operar-y-la-plataforma-de-criptomonedas-asegura-que-apelara/","name":"Ley fintech: CMF rechaza solicitud de Orionx para operar — La Tercera","type":"news_article","credibility":1},{"url":"https://www.biobiochile.cl/noticias/economia/actualidad-economica/2026/09/04/se-le-perdieron-us7-millones-cmf-aclara-que-web-chilena-de-criptomonedas-orionx-nunca-tuvo-permiso.shtml","name":"A Orionx se le \"perdieron\" US$7 millones: CMF aclara que no tenían permisos — BioBioChile","type":"news_article","credibility":2}],"severity":"high"},{"content":"Tether led Orionx's Series A funding round in June 2025, reportedly its only outside institutional backer at the time, with the stated purpose of expanding stablecoin access and digital-dollar adoption across Latin America. Following the September 2026 shutdown announcement, reporting indicates that Tether's original announcement of the investment was removed from Tether's website, though an archived copy reportedly still exists. Tether has not issued a public statement regarding the shutdown or the allegations against Orionx's former executives; both companies reportedly declined to comment when contacted by journalists. Tether's association with Orionx, and its apparent removal of the investment announcement without explanation, has drawn scrutiny in crypto-industry press, though no evidence has surfaced implicating Tether itself in the alleged misappropriation.","heading":"Tether-Backed Series A and Reputational Fallout","sources":[{"url":"https://cointelegraph.com/news/orionx-shut-down-7-million-move-outside-wallets","name":"Tether-Backed Orionx Shuts Down After $7M Custody Gap — Cointelegraph","type":"news_article","credibility":1},{"url":"https://startupfortune.com/tether-backed-orionx-shuts-down-after-a-7-million-crypto-gap-surfaces/","name":"Tether-Backed Orionx Shuts Down After a $7 Million Crypto Gap Surfaces — Startup Fortune","type":"news_article","credibility":2},{"url":"https://crypto.news/tether-backed-orionx-closes-over-7m-custody-gap/","name":"Tether-backed Orionx closes over $7m custody gap — crypto.news","type":"news_article","credibility":2}],"severity":"medium"},{"content":"Orionx reported having more than 100,000 registered users at the time of its shutdown announcement. Customer withdrawals were suspended, and the company said it was \"working to determine each client's situation\" but stopped short of guaranteeing that all users would be made whole, stating it could not commit to full fund recovery. Because the CMF has stated it has no jurisdiction over Orionx's closure or restitution process, affected users have been advised to pursue claims directly against the company or through Chilean civil and criminal courts.","heading":"Impact on Users","sources":[{"url":"https://www.eldinamo.cl/economia/negocios-economia/2026/09/05/orionx-la-caida-de-la-plataforma-chilena-de-criptomonedas-tras-perdida-de-usd-7-millones/","name":"Orionx: la caída de la plataforma chilena de criptomonedas — El Dínamo","type":"news_article","credibility":2},{"url":"https://www.cmfchile.cl/portal/prensa/625/w4-article-113273.html","name":"CMF reitera al público que la entidad Orionx y sus actividades no son fiscalizadas por esta Comisión — CMF Chile (official)","type":"regulatory","credibility":1}],"severity":"high"}],"timeline":[{"date":"2017","event":"Orionx founded as a cryptocurrency exchange in Chile.","source":"El Dínamo","source_url":"https://www.eldinamo.cl/economia/negocios-economia/2026/09/05/orionx-la-caida-de-la-plataforma-chilena-de-criptomonedas-tras-perdida-de-usd-7-millones/"},{"date":"2018","event":"Alleged period of misappropriation of customer assets by former executives begins, per criminal complaint (continuing through 2021).","source":"El Dínamo","source_url":"https://www.eldinamo.cl/economia/negocios-economia/2026/09/05/orionx-la-caida-de-la-plataforma-chilena-de-criptomonedas-tras-perdida-de-usd-7-millones/"},{"date":"2025-06","event":"Tether leads Orionx's Series A funding round, aimed at expanding stablecoin access in Latin America.","source":"Cointelegraph","source_url":"https://cointelegraph.com/news/orionx-shut-down-7-million-move-outside-wallets"},{"date":"2026-06-19","event":"Chile's CMF rejects Orionx's application for authorization under the Fintech Law, citing incomplete documentation including audited financial statements and client-protection guarantees.","source":"CMF Chile / La Tercera","source_url":"https://www.latercera.com/pulso/noticia/ley-fintech-cmf-rechaza-solicitud-de-orionx-para-operar-y-la-plataforma-de-criptomonedas-asegura-que-apelara/","date_evidence":"Orionx submitted an authorization application under Chile's Fintech Law (Ley N°21.521) which was rejected on June 19, 2026"},{"date":"2026-08","event":"Orionx COO Thomas Mac Millan discovers a mismatch between customer account balances and actual custodied digital assets, triggering a forensic audit.","source":"Cointelegraph / Parameter","source_url":"https://cointelegraph.com/news/orionx-shut-down-7-million-move-outside-wallets","date_evidence":"On August 27, Mac Millan identified a \"significant mismatch\" between system records and custody holdings.","date_original":"2026-08-27"},{"date":"2026-09","event":"Orionx files a criminal complaint against former executives Roberto Zibert and Joaquín Díaz, alleging misappropriation of customer assets between 2018 and 2021 (reported filing dates vary between September 2 and 3, 2026 across sources).","source":"Parameter / Cointelegraph","source_url":"https://parameter.io/chilean-exchange-orionx-shuts-down-after-7m-in-customer-funds-go-missing/"},{"date":"2026-09","event":"Orionx publicly announces the start of a permanent shutdown process, citing the $7 million custody gap; withdrawals suspended.","source":"Coinpaprika","source_url":"https://coinpaprika.com/news/chilean-exchange-orionx-shuts-down-7m-custody/","date_original":"2026-09-03"},{"date":"2026-09-04","event":"CMF issues public statement clarifying that Orionx was never registered with or supervised by the Commission and that the CMF has no authority over the closure or restitution process.","source":"CMF Chile (official)","source_url":"https://www.cmfchile.cl/portal/prensa/625/w4-article-113273.html","date_evidence":"CMF official press release published September 4, 2026 titled \"CMF reitera al público que la entidad Orionx y sus actividades no son fiscalizadas por esta Comisión\""}],"sources_used":[{"url":"https://coinpaprika.com/news/chilean-exchange-orionx-shuts-down-7m-custody/","name":"Chilean Exchange Orionx Shuts Down Over $7M Custody Shortfall — Coinpaprika","type":"news_article","archive_url":"http://web.archive.org/web/20260911162512/https://coinpaprika.com/news/chilean-exchange-orionx-shuts-down-7m-custody/","credibility":2,"archive_timestamp":"2026-09-11T16:25:12+00:00"},{"url":"https://cointelegraph.com/news/orionx-shut-down-7-million-move-outside-wallets","name":"Tether-Backed Orionx Shuts Down After $7M Custody Gap — Cointelegraph","type":"news_article","archive_url":"http://web.archive.org/web/20260906122244/https://cointelegraph.com/news/orionx-shut-down-7-million-move-outside-wallets","credibility":1,"archive_timestamp":"2026-09-06T12:22:44+00:00"},{"url":"https://parameter.io/chilean-exchange-orionx-shuts-down-after-7m-in-customer-funds-go-missing/","name":"Chilean Exchange Orionx Shuts Down After $7M in Customer Funds Go Missing — Parameter","type":"news_article","archive_url":"http://web.archive.org/web/20260914050125/https://parameter.io/chilean-exchange-orionx-shuts-down-after-7m-in-customer-funds-go-missing/","credibility":2,"archive_timestamp":"2026-09-14T05:01:25+00:00"},{"url":"https://www.eldinamo.cl/economia/negocios-economia/2026/09/05/orionx-la-caida-de-la-plataforma-chilena-de-criptomonedas-tras-perdida-de-usd-7-millones/","name":"Orionx: la caída de la plataforma chilena de criptomonedas — El 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