{"investigation":{"slug":"orionx-chile-exchange-shutdown-2026","entity_name":"Orionx (Chile Exchange Shutdown 2026)","trust_score":4,"severity_base":null,"score_modifier":0,"confidence":0.75,"status":"draft","content_type":"investigation","summary":"Orionx, a Tether-backed Chilean cryptocurrency exchange founded in 2017, began a permanent shutdown on September 3, 2026 after a forensic audit found more than $7 million in customer assets had been moved to wallets outside the company's custody, affecting over 100,000 registered users across Chile, Peru, Colombia, and Mexico. Chile's financial regulator (CMF) had rejected Orionx's registration application in June 2026 and says it never supervised the exchange, and Orionx has filed criminal complaints against two former co-founders, Roberto Zibert and Joaquín Díaz, alleging multi-year misappropriation of customer funds; both men deny wrongdoing.","sections":[{"content":"Orionx announced on September 3, 2026 that it would permanently cease operations after an internal forensic audit, reportedly conducted with Deloitte, found transactions showing assets in custody had been transferred to wallets not administered by the company, totaling more than US$7 million. The missing funds spanned Bitcoin, Ether, XRP, and Polygon (POL). According to Cointelegraph, Orionx's COO Thomas Mac Millan detected a 'significant mismatch' between internal system balances and actual custody holdings on August 27, 2026, which triggered the audit that preceded the shutdown announcement. Withdrawals were suspended, and the company told customers it could not guarantee recovery of 100% of their funds, stating its 'sole priority now is to return as much of our clients' assets as possible.' The company said the shortfall affects more than 100,000 registered users across Chile, Peru, Colombia, and Mexico.","heading":"Custody Shortfall and Shutdown","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":2},{"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":"Se le 'perdieron' US$7 millones: CMF aclara que web chilena de criptomonedas Orionx nunca tuvo permiso - BioBioChile","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Orionx filed criminal complaints against its two former co-founders, technology manager Joaquín Díaz Rojas and general manager Roberto Zibert Jara, both reportedly around 32 years old, who were terminated on September 2, 2026 for 'grave breach of obligations' shortly before the shutdown was announced. The complaints allege the pair used their technical access and administrative permissions over the exchange's custody systems to divert customer funds over several years, with alleged unauthorized transfers said to have occurred between 2018 and 2021 (with some reporting spanning 2018–2022). Reporting cites specifics including an account tied to one of the men allegedly receiving more than US$1.5 million across 14 transfers, and another wallet allegedly receiving 187 ETH, 4.1 million USDT, and 200,000 USDC. Zibert and Díaz have denied the allegations, stating they 'never acted against customers' interests.' Zibert said 'crucial information was denied and hidden' from them and that they were excluded from board-level proceedings, while Díaz said they cooperated fully with the audit. Both dispute that the forensic report definitively attributes the transactions to them, citing shared account access among staff. These allegations remain unproven in court and should be treated as alleged pending judicial review.","heading":"Criminal Complaints Against Former Executives","sources":[{"url":"https://www.latercera.com/pulso/noticia/los-dos-ex-companeros-de-informatica-protagonistas-del-mayor-criptoescandalo-en-chile-revelan-el-quiebre-previo-al-cierre-de-orionx/","name":"OrionX: los dos excompañeros de informática tras el mayor criptoescándalo en Chile - La Tercera","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":2},{"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}],"severity":"critical"},{"content":"Chile's Comisión para el Mercado Financiero (CMF), the country's financial markets regulator, rejected Orionx's application to enter the Registry of Financial Service Providers (Registro de Prestadores de Servicios Financieros) under Chile's fintech law in June 2026. Following the shutdown announcement, the CMF publicly clarified on September 4, 2026 that 'the entity denominated Orionx and its activities are not fiscalized by this Commission,' emphasizing that because its registration application had been rejected, Orionx never fell under CMF supervision and that the regulator was not overseeing any wind-down or closure plan for the company. Despite the rejection, Orionx reportedly continued to operate and accept customer funds between June 2026 and its closure in September 2026, meaning it operated as an unregistered/unauthorized financial service provider for the final months before collapse.","heading":"Regulatory Status: CMF Rejection","sources":[{"url":"https://www.elmostrador.cl/mercados/2026/09/04/cmf-confirmo-que-la-web-de-criptomonedas-orionx-en-proceso-de-cierre-nunca-tuvo-permisos/","name":"CMF confirmó que la web de criptomonedas Orionx, en proceso de cierre, nunca tuvo permisos - El Mostrador","type":"news_article","credibility":2},{"url":"https://www.theclinic.cl/2026/09/04/cmf-advierte-que-orionx-no-esta-bajo-su-fiscalizacion-tras-anuncio-de-cierre-por-us7-millones/","name":"CMF advierte que OrionX no está bajo su fiscalización tras anuncio de cierre por US$7 millones - The Clinic","type":"news_article","credibility":2},{"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 y la plataforma de criptomonedas asegura que apelará - La Tercera","type":"news_article","credibility":2}],"severity":"high"},{"content":"Tether led a Series A funding round for Orionx announced on June 3, 2025, aiming to expand stablecoin-powered financial infrastructure in Latin America; the investment amount was not disclosed. Tether CEO Paolo Ardoino said at the time the deal was 'supporting a high-impact company' and advancing Tether's 'broader vision of making stablecoin-powered financial tools accessible to underserved communities' in the region. Orionx CEO Joel Vainstein said the partnership would mark a 'turning point' for its business-to-business strategy. As of the September 2026 shutdown, Tether had not issued a public statement addressing Orionx's collapse, had not disclosed whether it retained its equity stake, held board rights, received financial reporting, or participated in custody oversight of the exchange. Multiple outlets reported that Tether's original investment announcement was no longer accessible at its original web address, though an archived copy remained available. Tether's silence and undisclosed governance role are noted here as an open question rather than an established fact of wrongdoing.","heading":"Tether Investment and Silence","sources":[{"url":"https://www.coindesk.com/business/2025/06/03/tether-invests-in-chilean-crypto-exchange-orionx-to-drive-latin-american-adoption","name":"Tether Invests in Chilean Crypto Exchange Orionx to Drive Latin American Adoption - CoinDesk","type":"news_article","credibility":2},{"url":"https://bitcoinethereumnews.com/crypto/tether-backed-orionx-shuts-down-after-7m-crypto-shortfall/","name":"Tether-Backed Orionx Shuts Down After $7M Crypto Shortfall","type":"news_article","credibility":3}],"severity":"medium"},{"content":"Orionx reported more than 100,000 registered users across the markets it served (Chile, Peru, Colombia, and Mexico) at the time of its closure. The company suspended withdrawals and stated it could not guarantee full recovery of customer assets, indicating that some users are likely to face partial or total losses depending on the outcome of asset tracing and any recovered funds from the named former executives. No court judgment, receivership order, or formal restitution plan had been publicly confirmed as of the most recent reporting reviewed for this investigation.","heading":"Customer Impact and Fund Recovery Outlook","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://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 tras pérdida de USD 7 millones - El Dínamo","type":"news_article","credibility":2}],"severity":"high"}],"timeline":[{"date":"2017","event":"Orionx founded in Chile by Roberto Zibert, Joaquín Díaz, and Joel Vainstein.","source":"La Tercera","source_url":"https://www.latercera.com/pulso/noticia/los-dos-ex-companeros-de-informatica-protagonistas-del-mayor-criptoescandalo-en-chile-revelan-el-quiebre-previo-al-cierre-de-orionx/"},{"date":"2018","event":"Alleged start of unauthorized fund transfers by former executives, per Orionx's later criminal complaint (reported range: 2018–2021/2022).","source":"Cointelegraph / La Tercera","source_url":"https://cointelegraph.com/news/orionx-shut-down-7-million-move-outside-wallets"},{"date":"2025-06-03","event":"Tether announces it led a Series A funding round for Orionx to expand stablecoin infrastructure in Latin America.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2025/06/03/tether-invests-in-chilean-crypto-exchange-orionx-to-drive-latin-american-adoption","date_evidence":"Announcement Date: June 3, 2025"},{"date":"2026-06","event":"Chile's CMF rejects Orionx's application to register as an authorized financial service provider under the fintech law.","source":"La Tercera / El Mostrador","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":"2026-08-27","event":"Orionx COO Thomas Mac Millan detects a significant mismatch between internal system balances and actual custody holdings, triggering a forensic audit.","source":"Cointelegraph","source_url":"https://cointelegraph.com/news/orionx-shut-down-7-million-move-outside-wallets","date_evidence":"August 27, 2026: COO Thomas Mac Millan detected a \"significant mismatch\" between system balances and custody assets"},{"date":"2026-09-02","event":"Orionx terminates former co-founders Roberto Zibert and Joaquín Díaz for alleged grave breach of obligations.","source":"La Tercera","source_url":"https://www.latercera.com/pulso/noticia/los-dos-ex-companeros-de-informatica-protagonistas-del-mayor-criptoescandalo-en-chile-revelan-el-quiebre-previo-al-cierre-de-orionx/","date_evidence":"September 2, 2026: Both executives terminated for \"grave breach of obligations\""},{"date":"2026-09-03","event":"Orionx files criminal complaints against Zibert and Díaz and announces the start of its permanent shutdown, suspending withdrawals.","source":"La Tercera / Coinpaprika","source_url":"https://coinpaprika.com/news/chilean-exchange-orionx-shuts-down-7m-custody/","date_evidence":"September 3, 2026: OrionX filed a formal complaint against them; operations ceased"},{"date":"2026-09","event":"Chile's CMF publicly clarifies that Orionx was never under its supervision and that it is not overseeing any closure plan for the company.","source":"El Mostrador / BioBioChile","source_url":"https://www.elmostrador.cl/mercados/2026/09/04/cmf-confirmo-que-la-web-de-criptomonedas-orionx-en-proceso-de-cierre-nunca-tuvo-permisos/","date_original":"2026-09-04"}],"sources_used":[{"url":"https://coinpaprika.com/news/chilean-exchange-orionx-shuts-down-7m-custody/","name":"Chilean Exchange Orionx Shuts Down Over $7M Custody Shortfall - 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