Tether-backed Orionx to shut down after audit flags $7M custody gap

Tether-backed Orionx is permanently closing after an audit found more than $7 million in customer assets had moved to wallets outside its custody.

Orionx, a Chilean crypto exchange backed by USDt stablecoin issuer Tether, is shutting down after uncovering a multimillion-dollar issue linked to asset custody.

The exchange said it began a permanent closure process after a forensic audit found more than $7 million in custodial assets had moved to wallets it did not manage, according to a company announcement shared on X on Thursday.

“Our sole priority now is to return as much of our clients’ assets as possible,” Orionx said, adding that withdrawals are temporarily suspended.

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