Tether-backed Orionx to shut down after audit flags $7M custody gap
60-second summary
Orionx, a Tether‑backed crypto exchange, announces permanent closure after an audit reveals a $7 million custody shortfall, with customer assets transferred to external wallets. The firm attributes the gap to internal control failures and will reimburse affected users. This shutdown underscores heightened regulatory scrutiny and could erode confidence in Tether‑linked platforms, pressuring market stability.
Tether-backed Orionx is permanently closing after an audit found more than $7 million in customer assets had moved to wallets outside its custody.