- Orionx, a Tether-backed Chilean crypto exchange, has halted withdrawals and announced permanent closure due to a $7 million custody shortfall.
- The exchange filed a criminal complaint against its co-founders for alleged unauthorized transfers of customer assets, including Bitcoin, Ether, XRP, and POL.
- Tether was the sole investor, and Orionx's license application had been rejected by Chile's Financial Market Commission, meaning it was never formally supervised.
Topics: Asset types, Legal regulatory, Risk default, Stablecoins digital cash, Enforcement actions litigation, Smart contract vulnerabilities
Tags: #orionx #tether #cryptoexchange #withdrawalhalt #custodyshortfall #forensicaudit #customerassets #unauthorizedtransfers #chile #cmf