Chilean crypto exchange Orionx has suspended customer withdrawals and started a definitive wind-down after saying a forensic audit found that more than $7 million in custodied assets had been transferred to wallets outside the company’s control.
The company has also taken the matter to prosecutors. In a criminal complaint dated Sept. 2, Orionx named former executives Roberto Zibert and Joaquín Díaz and accused them of disloyal administration. Those claims remain allegations set out in the complaint.
Withdrawal halt follows audit findings
Orionx said customers cannot withdraw funds for now because withdrawals have been temporarily suspended as the closure and restitution process gets underway. In its public notice, the exchange said transactions that moved assets to wallets it did not manage exceeded $7 million.
The figures described in the complaint and reported by La Tercera point to about $6.98 million in accounting discrepancies across Bitcoin, Ether, XRP and Polygon. The complaint separately describes the resulting loss at roughly $6.07 million, underscoring that different totals are being cited in the case records and public statements.
Complaint targets two former executives
According to Orionx, it filed both a report with Chile’s Public Prosecutor’s Office and a criminal complaint tied to the missing assets. The Sept. 2 filing identifies Roberto Zibert, described as a former general manager and Orionx partner, and Joaquín Díaz, described as a former technology manager and partner.
The complaint accuses the two men of disloyal administration. Orionx has presented those assertions as allegations in the filing, rather than established findings.
Regulator says Orionx is outside its authority
Chile’s Commission for the Financial Market, or CMF, said it does not supervise Orionx’s closure and cannot order customer funds to be returned because the exchange is neither registered with nor authorized by the regulator.
The CMF also said it had rejected Orionx’s application for registration and authorization under Chile’s Fintech Law on June 19. After that decision, the company was only allowed to conclude existing operations rather than begin new ones. The regulator added that Orionx had not shown it held the guarantees required from authorized providers.
Restitution process has only just begun
For affected customers, the CMF said claims should be submitted directly to Orionx, and users should keep proof of their balances, including account statements, transaction records and communications with the exchange. The regulator said customers may also seek restitution through Chilean courts or report suspected crimes to judicial authorities.
On Orionx’s status page, restitution is described as a five-stage process that remains at stage one, the public closure notice. The steps still to come are the opening of a support chat, reconciliation of all balances, approval of a restitution plan and the return of funds. Orionx said it will aim to return as much customer property as possible, but it has not guaranteed full recovery.
Source: thedefiant.io