Chilean crypto exchange Orionx said it has stopped withdrawals and is shutting down operations after a forensic audit identified more than $7 million in transactions that moved custodied assets to wallets outside the company’s control.
The company said the review linked the transfers to an asset-liability mismatch and accused founding partners Joaquín Díaz and Roberto Zibert, along with former employees, of being aware of or involved in one or more of the transactions. Orionx has filed criminal complaints and warned customers there is no assurance they will recover all of their funds.
Audit findings triggered the shutdown
According to Orionx, the decision to halt activity followed a forensic audit that uncovered previously unknown transactions totaling more than $7 million. The transfers allegedly moved cryptocurrency held in custody for users to external wallets, leaving a gap between the assets the exchange held and the liabilities it owed customers.
The company said withdrawals have been suspended while it winds down. In its public notice, Orionx acknowledged the seriousness of the shortfall and stated that full recovery of customer balances cannot be guaranteed.
Company points to former insiders
Orionx said the audit concluded that Díaz and Zibert, both described as founding partners of the exchange, as well as other former employees, were allegedly aware of and involved in one or more of the transactions under review. The company has presented the matter as a potential misuse of assets under custody.
It also said the questioned transactions took place between 2018 and 2021. During that period, cryptocurrency was allegedly moved from exchange-controlled wallets to accounts on other platforms that were associated with the company’s email address.
Alleged use of funds on other platforms
The exchange said the funds withdrawn were allegedly used in market operations on outside platforms. Those activities, according to Orionx, generated realized gains and losses and also incurred various fees.
If that account is accurate, the missing assets were not simply transferred out and left idle, but were used in speculative trading away from the exchange. Orionx did not present the article’s source material as a final court determination, and the allegations remain subject to legal review.
Regulatory position and next steps for users
Chile’s CMF said Orionx was not authorized to offer cryptocurrency financial services. The regulator noted that the company’s operating license application had been rejected in July and said Orionx was operating outside the provisions of the Fintec Law.
Regulators urged affected users to direct their requests to the company, preserve supporting records, and pursue restitution through the courts if necessary. For now, the confirmed next step is the legal process opened by Orionx’s criminal complaints, while customers face uncertainty over how much of their balances, if any, can ultimately be recovered.
Source: news.bitcoin.com