{"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":"published","content_type":"investigation","summary":"Orionx, a Santiago-based, Tether-backed crypto exchange, announced a permanent shutdown on 3 September 2026 after a forensic audit reportedly found a custody shortfall above US$7 million. The company filed a criminal complaint against two former executives, who deny wrongdoing; Chile's financial regulator says Orionx was unauthorized, rejected its application in June 2026, and cannot order customer repayment.","sections":[{"content":"Per crypto.news, Orionx began permanently closing operations on 3 September 2026 after a forensic audit found a custody shortfall above US$7 million. Recorded customer balances reportedly exceeded the assets in its custody wallets, with Bitcoin, Ether, XRP and Polygon (POL) among the assets affected. Withdrawals were suspended. Orionx said it could not guarantee full recovery for every client and aimed to return the greatest possible amount. The same report says Orionx had not published wallet addresses, transaction hashes, a per-asset breakdown or the number of affected customers. Aggregator summaries report more than 100,000 registered users, but this figure is not confirmed by a primary source reviewed here.","heading":"Custody Shortfall and Shutdown","sources":[{"url":"https://crypto.news/tether-backed-orionx-closes-over-7m-custody-gap/","name":"crypto.news: Tether-backed Orionx closes over $7M custody gap","type":"news_article","credibility":2},{"url":"https://cryptoslate.com/tether-backed-crypto-exchange-freezes-withdrawals-after-7-million-leaves-custody","name":"Cryptoslate: Tether-backed crypto exchange freezes withdrawals after $7 million leaves custody","type":"news_article","credibility":2},{"url":"https://thedefiant.io/news/cefi/orionx-halts-withdrawals-and-winds-down-after-alleged-7m-asset-transfers","name":"The Defiant: Orionx halts withdrawals and winds down after alleged $7M asset transfers","type":"news_article","credibility":2}],"severity":"critical"},{"content":"According to crypto.news, Orionx filed a complaint on 2 September 2026 against former general manager Roberto Zibert and former technology manager Joaquín Díaz, alleging unfair administration. The complaint reportedly states that an account linked to Díaz received over US$1.5 million through 14 transfers, and that another wallet received 187 ETH, over 4.1 million USDT and 200,000 USDC. Reporting cited by crypto.news (La Tercera) places the transactions in 2018-2021, while other reporting suggests the largest transfers may date to 2021-2022. Both men reportedly rejected the accusations categorically and say the cause of the deficit is unresolved. These are allegations, not court findings.","heading":"Criminal Complaint Against Former Executives","sources":[{"url":"https://crypto.news/tether-backed-orionx-closes-over-7m-custody-gap/","name":"crypto.news: Tether-backed Orionx closes over $7M custody gap","type":"news_article","credibility":2}],"severity":"high"},{"content":"In a statement dated 4 September 2026, Chile's Comision para el Mercado Financiero (CMF) said Orionx SpA was not registered or authorized to provide services regulated by the Fintech Law (Ley 21.521) and is not a supervised entity. Its application was rejected by Oficio Ord. N°104672 of 19 June 2026, after which Orionx was no longer covered by the transitional regime and could only conclude existing operations and inform clients. The CMF said Orionx did not show it had contracted the guarantees required of authorized providers, that it does not administer or supervise any wind-down, and that it cannot order the return of client funds. It advised customers to contact Orionx directly, preserve account statements, transaction records and communications, seek restitution through the courts, and report possible crimes to the justice authorities.","heading":"Regulatory Status: CMF Rejection and Lack of Oversight","sources":[{"url":"https://www.cmfchile.cl/portal/prensa/625/w4-article-113273.html","name":"CMF press statement on Orionx (4 September 2026)","type":"regulatory","credibility":1},{"url":"https://www.cmfchile.cl/portal/principal/623/w4-article-113253.html","name":"CMF notice: Orionx not supervised","type":"regulatory","credibility":1}],"severity":"high"},{"content":"Tether led Orionx's Series A round in June 2025, per crypto.news. Neither company disclosed the investment size or Tether's stake, and Tether had not said whether it retained its investment after the closure announcement. The case drew coverage because of the investor's prominence; no reviewed source alleges wrongdoing by Tether.","heading":"Tether-Backed Series A and Reputational Fallout","sources":[{"url":"https://crypto.news/tether-backed-orionx-closes-over-7m-custody-gap/","name":"crypto.news: Tether-backed Orionx closes over $7M custody gap","type":"news_article","credibility":2}],"severity":"medium"},{"content":"Customer withdrawals are suspended and Orionx has said full recovery is not guaranteed. Because Orionx was unauthorized and the CMF disclaims any role in the wind-down, users must rely on Orionx's own closure process, civil claims or criminal proceedings. Aggregator summaries describe a multi-stage closure process; its details were not verified from a primary source. Information on final recovery outcomes was not found as of this research.","heading":"Impact on Users","sources":[{"url":"https://www.cmfchile.cl/portal/prensa/625/w4-article-113273.html","name":"CMF press statement on Orionx","type":"regulatory","credibility":1},{"url":"https://cryptoslate.com/tether-backed-crypto-exchange-freezes-withdrawals-after-7-million-leaves-custody","name":"Cryptoslate coverage","type":"news_article","credibility":2}],"severity":"high"}],"timeline":[{"date":"2025-06","event":"Tether leads Orionx's Series A round (per crypto.news).","source":"crypto.news","source_url":"https://crypto.news/tether-backed-orionx-closes-over-7m-custody-gap/"},{"date":"2026-06-19","event":"CMF rejects Orionx's application for registration and authorization.","source":"CMF","source_url":"https://www.cmfchile.cl/portal/prensa/625/w4-article-113273.html","date_evidence":"Oficio Ord. N°104672 del 19 de junio de 2026"},{"date":"2026-09","event":"Orionx files criminal complaint against Roberto Zibert and Joaquín Díaz.","source":"crypto.news","source_url":"https://crypto.news/tether-backed-orionx-closes-over-7m-custody-gap/","date_evidence":"Orionx filed a complaint on Sept. 2","date_original":"2026-09-02"},{"date":"2026-09-03","event":"Orionx announces permanent closure and suspends withdrawals after audit finds a custody shortfall above US$7 million.","source":"crypto.news","source_url":"https://crypto.news/tether-backed-orionx-closes-over-7m-custody-gap/","date_evidence":"began permanently closing operations on Sept. 3, 2026"},{"date":"2026-09-04","event":"CMF states Orionx is unsupervised and that it cannot order repayment.","source":"CMF","source_url":"https://www.cmfchile.cl/portal/prensa/625/w4-article-113273.html","date_evidence":"4 de septiembre de 2026"}],"sources_used":[{"url":"https://www.cmfchile.cl/portal/prensa/625/w4-article-113273.html","name":"CMF press statement on Orionx","type":"regulatory","credibility":1},{"url":"https://www.cmfchile.cl/portal/principal/623/w4-article-113253.html","name":"CMF notice: Orionx not supervised","type":"regulatory","credibility":1},{"url":"https://crypto.news/tether-backed-orionx-closes-over-7m-custody-gap/","name":"crypto.news: Tether-backed Orionx closes over $7M custody gap","type":"news_article","credibility":2},{"url":"https://cryptoslate.com/tether-backed-crypto-exchange-freezes-withdrawals-after-7-million-leaves-custody","name":"Cryptoslate: Tether-backed crypto exchange freezes withdrawals","type":"news_article","credibility":2},{"url":"https://thedefiant.io/news/cefi/orionx-halts-withdrawals-and-winds-down-after-alleged-7m-asset-transfers","name":"The Defiant: Orionx halts withdrawals","type":"news_article","credibility":2}],"source_tags":[],"addresses":[],"reviewed":true,"reviewed_by":null,"model_used":"claude-code-investigator","created_at":"2026-09-13T23:22:01.930404+00:00","updated_at":"2026-10-26T22:53:58.604+00:00"},"source_quality":{"total":5,"tier1":0,"tier2":0,"tier3":0,"unrated":5},"follower_count":null,"content_updated_at":"2026-10-26T22:53:59.703Z","last_fact_checked_at":"2026-10-26T22:53:58.952Z","fact_check_next_allowed_at":"2026-11-02T22:53:58.952Z","update_next_allowed_at":"2026-11-02T22:52:51.665Z"}