Blab Crypto
Chiles Orionx Shuts Down After Forensic Audit Reveals $7 Million Custody Gap
A forensic audit uncovered a $7 million hole in Chile’s Orionx, forcing the exchange to shut down on September 3 2026. The independent review, commissioned by Orionx, confirmed that custodial holdings had been transferred to wallets outside the platform’s control.
Following the audit, Orionx’s website posted a notice that all withdrawals were frozen immediately. Management explained that the pause was designed to treat every account holder equally, preventing any user from withdrawing ahead of others while the remaining assets were assessed. The company said it would try to return as much as possible, as quickly and fairly as circumstances allow, but could not promise full recovery.
Orionx has already filed a formal wind‑down and restitution plan with Chilean authorities, and the first stage of that plan is underway. The company also filed a complaint with the Chilean public prosecutor and, on September 2, lodged a criminal lawsuit against former executives. The complaint names founding partners Joaquín Díaz, former head of technology, and Roberto Zibert, former general manager, as the principal targets. Orionx alleges that they and certain former staff knew about and participated in the transfers.
Investigators traced the movements to a period between 2018 and 2021, and some reports suggest the assets were later used for trading on other venues. A detailed review of Bitcoin, Ethereum, Polygon and XRP balances found roughly $6.06 million missing from company‑controlled addresses. The total gap could grow as investigators examine additional coins.
Chile’s Financial Market Commission (CMF) has distanced itself from the situation. The regulator noted that it rejected Orionx’s application for registration under the Fintech Law in June 2026 and therefore never supervised the platform. The CMF stressed that it is not overseeing any closure or repayment process and has no power to order the return of customer funds. It advised users to keep their transaction records and to consider legal options if needed.
Orionx operated for about nine years and served more than 100,000 registered users without ever receiving authorization. The episode highlights the risks that arise when digital‑asset platforms hold customer crypto without full regulatory oversight. Users now face uncertainty about how much of their balances they will eventually receive.
The company has expressed regret and pledged transparency, but the combination of an unregulated status, a multi‑million‑dollar discrepancy, and frozen withdrawals leaves many account holders waiting for further official developments and for the results of the criminal investigation.
At present, the investigation is ongoing and no resolution has been announced. The court proceedings against the former executives are still in the early stages, and the restitution plan has not yet been completed. Users are advised to monitor official communications from Orionx and the CMF for updates on the status of their funds and any potential recovery timelines.
Following the audit, Orionx’s website posted a notice that all withdrawals were frozen immediately. Management explained that the pause was designed to treat every account holder equally, preventing any user from withdrawing ahead of others while the remaining assets were assessed. The company said it would try to return as much as possible, as quickly and fairly as circumstances allow, but could not promise full recovery.
Orionx has already filed a formal wind‑down and restitution plan with Chilean authorities, and the first stage of that plan is underway. The company also filed a complaint with the Chilean public prosecutor and, on September 2, lodged a criminal lawsuit against former executives. The complaint names founding partners Joaquín Díaz, former head of technology, and Roberto Zibert, former general manager, as the principal targets. Orionx alleges that they and certain former staff knew about and participated in the transfers.
Investigators traced the movements to a period between 2018 and 2021, and some reports suggest the assets were later used for trading on other venues. A detailed review of Bitcoin, Ethereum, Polygon and XRP balances found roughly $6.06 million missing from company‑controlled addresses. The total gap could grow as investigators examine additional coins.
Chile’s Financial Market Commission (CMF) has distanced itself from the situation. The regulator noted that it rejected Orionx’s application for registration under the Fintech Law in June 2026 and therefore never supervised the platform. The CMF stressed that it is not overseeing any closure or repayment process and has no power to order the return of customer funds. It advised users to keep their transaction records and to consider legal options if needed.
Orionx operated for about nine years and served more than 100,000 registered users without ever receiving authorization. The episode highlights the risks that arise when digital‑asset platforms hold customer crypto without full regulatory oversight. Users now face uncertainty about how much of their balances they will eventually receive.
The company has expressed regret and pledged transparency, but the combination of an unregulated status, a multi‑million‑dollar discrepancy, and frozen withdrawals leaves many account holders waiting for further official developments and for the results of the criminal investigation.
At present, the investigation is ongoing and no resolution has been announced. The court proceedings against the former executives are still in the early stages, and the restitution plan has not yet been completed. Users are advised to monitor official communications from Orionx and the CMF for updates on the status of their funds and any potential recovery timelines.
