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Tether-backed Chilean crypto exchange Orionx abruptly announced its closure on Sept. 3 after an unauthorized outflow of $7 million in customer funds. All withdrawals were halted immediately, freezing assets belonging to more than 100,000 users.
An audit found unauthorized transfers involving major assets including Bitcoin and Ethereum. Orionx has filed criminal complaints against former executives, including a co-founder, and proposed a phased compensation plan, but a full recovery remains uncertain. Meanwhile, Chile’s Financial Market Commission (CMF) confirmed it had already rejected the company’s license application in June.