{"id":12933,"date":"2026-09-08T00:38:24","date_gmt":"2026-09-08T00:38:24","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=12933"},"modified":"2026-09-08T00:38:24","modified_gmt":"2026-09-08T00:38:24","slug":"tether-backed-crypto-exchange-freezes-withdrawals-after-7-million-leaves-custody","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=12933","title":{"rendered":"Tether-backed crypto exchange freezes withdrawals after $7 million leaves custody"},"content":{"rendered":"

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Tether-backed Orionx is shutting down with customer withdrawals frozen after more than $7 million left its custody.<\/p>\n

The Chilean crypto exchange said a forensic audit found that customer assets had been transferred to wallets outside its control, prompting it to begin a permanent closure and suspend withdrawals while it determines how much it can return.<\/p>\n

The failure comes less than a year after Tether invested in Orionx in June 2025, following an earlier investment by affiliated exchange Bitfinex in 2023. Tether\u2019s backing had been intended to support Orionx\u2019s expansion across Latin America.<\/p>\n

Customers now face a less certain outcome. Chile\u2019s Comisi\u00f3n para el Mercado Financiero said it cannot oversee Orionx\u2019s wind-down or order the exchange to return customer assets, leaving users dependent on the company\u2019s restitution process or potential court action.<\/p>\n

\"Orionx's\"Orionx's<\/p>\n

Orionx said it froze withdrawals to prevent customers who move first from recovering assets at the expense of those who remain. Its closure tracker is still at the first of five stages, with account reconciliation and approval of a restitution plan required before funds are returned. No repayment date has been disclosed.<\/p>\n