Audit log

Every state-changing event for Orionx: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-09-11 12:18:15Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 446,155,247

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   5etjhwFRf7uh…eNhYUVn5copyexplorer ↗

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   CmDTLmTJJ2hP…ZKzGtdeycopysha256 → base58

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   {"actor":"system:backfill","investigation_id":"054c6108-0784-431f-bf87-421f8b39c21a","kind":"publish","page_slug":"orionx","published_at":"2026-09-11T12:18:15.085Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Orionx","sections":[{"content":"Orionx was founded in Chile and operated as a cryptocurrency exchange and financial infrastructure provider across Chile, Peru, Colombia, and Mexico. The platform offered retail trading alongside business-oriented services including remittances, payment collection, and treasury operations described as 'Remittances as a Service.' In 2023, Bitfinex, the Hong Kong-registered cryptocurrency exchange, made a strategic investment in Orionx. In June 2025, Tether — the issuer of the USDT stablecoin and Bitfinex affiliate — closed Orionx's Series A funding round. Tether's CEO Paolo Ardoino stated at the time that the investment was intended to make 'stablecoin-powered financial tools accessible to underserved communities across the region.' The investment amount was not publicly disclosed. The Series A came approximately 15 months before Orionx announced its permanent closure.","heading":"Background and Investor History","severity":"medium","sources":[{"credibility":2,"name":"Tether Invests in Chilean Crypto Exchange Orionx to Drive Latin American Adoption — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2025/06/03/tether-invests-in-chilean-crypto-exchange-orionx-to-drive-latin-american-adoption"},{"credibility":2,"name":"Tether invests in Orionx to boost stablecoin use in Latin America — CryptoSlate","type":"news_article","url":"https://cryptoslate.com/tether-invests-in-orionx-to-boost-stablecoin-use-in-latin-america/"},{"credibility":2,"name":"Tether invests in Orionx for digital asset adoption in Latin America — The Paypers","type":"news_article","url":"https://thepaypers.com/fintech/news/tether-invests-in-orionx-to-advance-digital-assets-in-latin-america"}]},{"content":"Chile's Fintech Law, which came into force in recent years, requires cryptocurrency exchanges operating in the country to register with the Comision para el Mercado Financiero (CMF). Orionx had been operating under a transitional exemption while its application was pending. On June 19, 2026, the CMF rejected Orionx's enrollment and authorization applications for the Registry of Financial Services Providers via official order Oficio Ord. N°104672. The CMF cited Orionx's failure to provide audited financial statements and to demonstrate that it had secured the client-protection collateral required under the law. Orionx stated it would appeal the decision. Because the registration was rejected, the CMF has clarified that 'the entity known as Orionx and its activities are not supervised by this Commission' and that it is 'not supervising any wind-up plan regarding that entity.' This regulatory status means the CMF cannot compel Orionx to return customer assets or oversee the restitution process.","heading":"Regulatory Status: CMF License Rejection","severity":"high","sources":[{"credibility":1,"name":"CMF reiterates to the public that the entity known as Orionx, its activities are not supervised by the Commission — CMF Chile (official)","type":"regulatory","url":"https://www.cmfchile.cl/portal/principal/623/w4-article-113253.html"},{"credibility":1,"name":"CMF rejects registration and authorization requests from fintech service providers — CMF Chile (official)","type":"regulatory","url":"https://www.cmfchile.cl/portal/principal/623/w4-article-111490.html"},{"credibility":2,"name":"Ley fintech: CMF rechaza solicitud de Orionx — La Tercera","type":"news_article","url":"https://www.latercera.com/pulso/noticia/ley-fintech-cmf-rechaza-solicitud-de-orionx-para-operar-y-la-plataforma-de-criptomonedas-asegura-que-apelara/"}]},{"content":"On approximately August 27, 2026, Orionx's chief operating officer Thomas Mac Millan reportedly detected a mismatch between recorded customer balances and actual holdings at the corresponding wallet addresses. A forensic audit subsequently confirmed a shortfall exceeding $7 million across multiple digital assets including Bitcoin, Ether, XRP, and Polygon (POL). Orionx announced the beginning of its permanent shutdown on approximately September 3, 2026, and froze all customer withdrawals between September 7 and 8, 2026. The company stated the freeze was intended to prevent customers who act first from recovering assets at the expense of those who do not, in order to ensure equal treatment of all account holders. Orionx acknowledged it cannot guarantee that customers will recover all of their funds. According to reporting, one wallet allegedly linked to co-founder Joaquin Diaz received approximately $1.5 million across 14 transfers; another wallet reportedly received 187 Ether, more than 4.1 million USDT, and 200,000 USDC. Orionx's own statements indicate the withdrawn funds were allegedly 'used intensively in market operations, generating realized gains and losses' and funding trading fees, suggesting the customer crypto was allegedly repurposed as a proprietary trading account. These are allegations at this stage; no court has adjudicated liability.","heading":"Audit Discovery and Withdrawal Freeze","severity":"critical","sources":[{"credibility":2,"name":"Tether-backed crypto exchange freezes withdrawals after $7 million leaves custody — CryptoSlate","type":"news_article","url":"https://cryptoslate.com/tether-backed-crypto-exchange-freezes-withdrawals-after-7-million-leaves-custody/"},{"credibility":2,"name":"Orionx Collapse: $7M Missing, 100,000 Users Left Holding the Bag — TFTC","type":"news_article","url":"https://www.tftc.io/orionx-collapse-7-million-custodial-theft-chile"},{"credibility":2,"name":"Chilean Exchange Orionx Shuts Down Over $7M Custody Shortfall — CoinPaprika","type":"news_article","url":"https://coinpaprika.com/news/chilean-exchange-orionx-shuts-down-7m-custody/"},{"credibility":2,"name":"Orionx shuts down after audit reveals $7M custody gap — Crypto Briefing","type":"news_article","url":"https://cryptobriefing.com/orionx-shuts-down-7m-custody-gap/"}]},{"content":"On September 2, 2026, Orionx filed a criminal complaint with Chile's public prosecutor against two co-founders: Roberto Zibert, described as the former general manager, and Joaquin Diaz, described as the former head of technology. The complaint alleges that customer assets were transferred to wallets outside the company's control between 2018 and 2021. Orionx's public statements indicated both individuals 'were allegedly aware of and involved in one or more transactions that gave rise to the asset-liability mismatch.' Both co-founders have publicly denied the allegations and stated they never acted against customers' interests. As of the time of this investigation, the criminal complaint represents accusations only; no charges have been filed by prosecutors, no indictment has issued, and no court has made any finding of liability or guilt against either individual. The proceeding is at a preliminary stage.","heading":"Criminal Complaints Against Co-Founders","severity":"critical","sources":[{"credibility":2,"name":"Orionx's Own Founders Are Accused of Stealing Millions From Its Users — Startup Fortune","type":"news_article","url":"https://startupfortune.com/orionxs-own-founders-are-accused-of-stealing-millions-from-its-users/"},{"credibility":2,"name":"Chilean Exchange Orionx Shuts Down After $7M in Customer Funds Go Missing — Parameter","type":"news_article","url":"https://parameter.io/chilean-exchange-orionx-shuts-down-after-7m-in-customer-funds-go-missing/"},{"credibility":2,"name":"Tether-backed crypto exchange freezes withdrawals after $7 million leaves custody — CryptoSlate","type":"news_article","url":"https://cryptoslate.com/tether-backed-crypto-exchange-freezes-withdrawals-after-7-million-leaves-custody/"}]},{"content":"Orionx had more than 100,000 registered accounts at the time of closure. No depositor insurance or government-backed guarantee scheme applies to the affected funds. The exchange announced a multi-stage closure process — described variously as a phased restitution plan — with steps including public notice, individual account communication, reconciliation, plan approval, and eventual restitution. Orionx stated it will attempt to return as much as possible as quickly and fairly as circumstances allow, but explicitly declined to promise full recovery. Because the CMF rejected Orionx's registration, affected customers cannot rely on the regulator to compel repayment; their recourse lies in civil or criminal court proceedings. The shortfall affects balances denominated in Bitcoin, Ether, XRP, and Polygon (POL).","heading":"User Impact and Wind-Down Process","severity":"critical","sources":[{"credibility":2,"name":"Orionx Collapse: $7M Missing, 100,000 Users Left Holding the Bag — TFTC","type":"news_article","url":"https://www.tftc.io/orionx-collapse-7-million-custodial-theft-chile"},{"credibility":2,"name":"Tether-Backed Orionx Closes Permanently After $7 Million Custody Shortfall Uncovered — CoinCentral","type":"news_article","url":"https://coincentral.com/tether-backed-orionx-closes-permanently-after-7-million-custody-shortfall-uncovered"},{"credibility":1,"name":"CMF reiterates to the public that the entity known as Orionx, its activities are not supervised by the Commission — CMF Chile (official)","type":"regulatory","url":"https://www.cmfchile.cl/portal/principal/623/w4-article-113253.html"}]},{"content":"Tether closed Orionx's Series A funding round in June 2025 with a stated goal of expanding stablecoin-powered financial services across Latin America. Tether has not issued a formal public statement on the shutdown or the custody shortfall as of the date of this investigation. The alleged transfers that created the shortfall reportedly occurred between 2018 and 2021, predating both the Tether Series A (June 2025) and the prior Bitfinex investment (2023). Whether Tether's due diligence surfaced any concerns about the historical asset mismatch is not publicly known.","heading":"Tether's Position","severity":"medium","sources":[{"credibility":2,"name":"Tether Invests in Chilean Crypto Exchange Orionx to Drive Latin American Adoption — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2025/06/03/tether-invests-in-chilean-crypto-exchange-orionx-to-drive-latin-american-adoption"},{"credibility":2,"name":"Tether-backed crypto exchange freezes withdrawals after $7 million leaves custody — CryptoSlate","type":"news_article","url":"https://cryptoslate.com/tether-backed-crypto-exchange-freezes-withdrawals-after-7-million-leaves-custody/"}]}],"sources_used":[{"credibility":1,"name":"CMF reiterates to the public that Orionx is not supervised by the Commission — CMF Chile","type":"regulatory","url":"https://www.cmfchile.cl/portal/principal/623/w4-article-113253.html"},{"credibility":1,"name":"CMF rejects registration and authorization requests from Orionx — CMF Chile","type":"regulatory","url":"https://www.cmfchile.cl/portal/principal/623/w4-article-111490.html"},{"credibility":2,"name":"Tether Invests in Chilean Crypto Exchange Orionx to Drive Latin American Adoption — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2025/06/03/tether-invests-in-chilean-crypto-exchange-orionx-to-drive-latin-american-adoption"},{"credibility":2,"name":"Tether-backed crypto exchange freezes withdrawals after $7 million leaves custody — CryptoSlate","type":"news_article","url":"https://cryptoslate.com/tether-backed-crypto-exchange-freezes-withdrawals-after-7-million-leaves-custody/"},{"credibility":2,"name":"Tether-Backed Orionx Shuts Down After 7M Customer Asset Shortfall — The Coin Republic","type":"news_article","url":"https://www.thecoinrepublic.com/2026/09/07/tether-backed-orionx-shuts-down-after-7m-customer-asset-shortfall/"},{"credibility":2,"name":"Orionx shuts down after audit reveals $7M custody gap — Crypto Briefing","type":"news_article","url":"https://cryptobriefing.com/orionx-shuts-down-7m-custody-gap/"},{"credibility":2,"name":"Orionx Collapse: $7M Missing, 100,000 Users Left Holding the Bag — TFTC","type":"news_article","url":"https://www.tftc.io/orionx-collapse-7-million-custodial-theft-chile"},{"credibility":2,"name":"Orionx's Own Founders Are Accused of Stealing Millions From Its Users — Startup Fortune","type":"news_article","url":"https://startupfortune.com/orionxs-own-founders-are-accused-of-stealing-millions-from-its-users/"},{"credibility":2,"name":"Chilean Exchange Orionx Shuts Down After $7M in Customer Funds Go Missing — Parameter","type":"news_article","url":"https://parameter.io/chilean-exchange-orionx-shuts-down-after-7m-in-customer-funds-go-missing/"},{"credibility":2,"name":"Chilean Exchange Orionx Shuts Down Over $7M Custody Shortfall — CoinPaprika","type":"news_article","url":"https://coinpaprika.com/news/chilean-exchange-orionx-shuts-down-7m-custody/"},{"credibility":2,"name":"Chilean Crypto Platform Orionx Shuts Down After Audit Uncovers $7 Million Shortfall — Crowdfund Insider","type":"news_article","url":"https://www.crowdfundinsider.com/2026/09/306834-chilean-crypto-platform-orionx-shuts-down-after-audit-uncovers-7-million-shortfall-in-customer-funds/"},{"credibility":2,"name":"Tether-Backed Orionx Closes Permanently After $7 Million Custody Shortfall Uncovered — CoinCentral","type":"news_article","url":"https://coincentral.com/tether-backed-orionx-closes-permanently-after-7-million-custody-shortfall-uncovered"},{"credibility":2,"name":"Tether invests in Orionx to boost stablecoin use in Latin America — CryptoSlate","type":"news_article","url":"https://cryptoslate.com/tether-invests-in-orionx-to-boost-stablecoin-use-in-latin-america/"},{"credibility":2,"name":"Ley fintech: CMF rechaza solicitud de Orionx — La Tercera","type":"news_article","url":"https://www.latercera.com/pulso/noticia/ley-fintech-cmf-rechaza-solicitud-de-orionx-para-operar-y-la-plataforma-de-criptomonedas-asegura-que-apelara/"}],"summary":"Orionx was a Chilean cryptocurrency exchange backed by Tether (Series A, June 2025) that operated in Chile, Peru, Colombia, and Mexico. On or around September 3–8, 2026, the exchange began a permanent shutdown after a forensic audit found more than $7 million in customer assets had been moved to wallets outside the company's control, allegedly by two co-founders between 2018 and 2021. Chile's financial regulator, the CMF, had already rejected Orionx's license application in June 2026 and confirmed it has no authority to supervise the wind-down or compel restitution, leaving more than 100,000 registered users dependent on the company's own multi-stage closure process.","timeline":[{"date":"2018-01-01","event":"Alleged start of unauthorized transfers of customer assets to wallets outside Orionx's control, according to criminal complaint filed by Orionx (exact date within 2018 not specified in public reporting; range is 2018–2021).","source":"CryptoSlate","source_url":"https://cryptoslate.com/tether-backed-crypto-exchange-freezes-withdrawals-after-7-million-leaves-custody/"},{"date":"2021-12-31","event":"Alleged end of the period during which unauthorized transfers occurred, per Orionx's criminal complaint. Some reporting suggests the largest group of transfers occurred in 2021–2022.","source":"CryptoSlate","source_url":"https://cryptoslate.com/tether-backed-crypto-exchange-freezes-withdrawals-after-7-million-leaves-custody/"},{"date":"2023-01-01","event":"Bitfinex made a strategic investment in Orionx (exact date in 2023 not confirmed in publicly available English-language sources).","source":"CryptoSlate","source_url":"https://cryptoslate.com/tether-backed-crypto-exchange-freezes-withdrawals-after-7-million-leaves-custody/"},{"date":"2025-06-03","event":"Tether announced it had closed Orionx's Series A funding round to support Latin American expansion of stablecoin-powered financial services.","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":"2026-06-19","event":"Chile's CMF rejected Orionx's application for enrollment and authorization under the Fintech Law (Oficio Ord. N°104672), citing failure to provide audited financials and required client-protection collateral. Orionx said it would appeal.","source":"CMF Chile (official)","source_url":"https://www.cmfchile.cl/portal/principal/623/w4-article-111490.html"},{"date":"2026-08-27","event":"Orionx COO Thomas Mac Millan reportedly first detected a mismatch between recorded customer balances and actual on-chain holdings.","source":"CryptoSlate","source_url":"https://cryptoslate.com/tether-backed-crypto-exchange-freezes-withdrawals-after-7-million-leaves-custody/"},{"date":"2026-09-02","event":"Orionx filed a criminal complaint with Chile's public prosecutor against co-founders Roberto Zibert (former general manager) and Joaquin Diaz (former head of technology) over alleged unauthorized transfers of customer assets.","source":"Parameter","source_url":"https://parameter.io/chilean-exchange-orionx-shuts-down-after-7m-in-customer-funds-go-missing/"},{"date":"2026-09-03","event":"Orionx announced it was beginning a permanent shutdown after a forensic audit confirmed a $7 million+ shortfall in customer assets across Bitcoin, Ether, XRP, and Polygon.","source":"Crypto Briefing","source_url":"https://cryptobriefing.com/orionx-shuts-down-7m-custody-gap/"},{"date":"2026-09-07","event":"Orionx froze all customer withdrawals, citing the need to treat all account holders equally and prevent early movers from recovering at the expense of remaining users.","source":"The Coin Republic","source_url":"https://www.thecoinrepublic.com/2026/09/07/tether-backed-orionx-shuts-down-after-7m-customer-asset-shortfall/"},{"date":"2026-09-08","event":"CMF issued a public notice reiterating that Orionx and its activities are not supervised by the Commission and that it is not overseeing any wind-down plan.","source":"CMF Chile (official)","source_url":"https://www.cmfchile.cl/portal/principal/623/w4-article-113253.html"}]},"v":1}

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