Tether-backed exchange suddenly halts withdrawals ahead of shutdown

Tether-backed exchange suddenly halts withdrawals ahead of shutdown

Sun, September 6, 2026 at 11:30 PM GMT+3 2 min read

• USDT-USD -0.01%

Orionx, a crypto trading exchange backed by the stablecoin giant Tether, announced on Sep. 3 that it is shutting down after an audit discovered a gap in client assets worth $7 million.

A Chilean exchange, Orionx revealed that a forensic audit confirmed a transfer of assets worth more than $7 million held in custody to wallets not administered by the company.

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The exchange said it filed a complaint with the Public Prosecutor's Office for an investigation and filed a criminal lawsuit against co-founders Joaquín Díaz and Roberto Zibert.

Orionx said its sole priority right now is to work toward returning the largest possible amount of their assets to the clients in the fastest and fairest way possible. It said it has already reported the asset closure and restitution plan to the authorities, with the first phase currently under implementation.

The exchange said it has temporarily suspended withdrawals as part of the closing process, claiming the move is intended to ensure no client gains an advantage by withdrawing before anyone else.

As per a local news report, the audit detected discrepancies in Bitcoin (BTC), Ethereum (ETH), XRP, and Polygon (POL). OrionX cautioned it is still analyzing whether discrepancies exist in other cryptocurrencies.

Both Díaz and Zibert denied the allegations and said they have been cooperating since the issue first came to light, as per the report.

"To date, there is no certainty or clarity regarding the company's accounting discrepancies," the Orionx founders said.

The duo said an independent investigation will establish the truth of what happened.

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This story was originally published by TheStreet on Sep 6, 2026, where it first appeared in the Bankruptcy News & Analysis section. Add TheStreet as a Preferred Source by clicking here.