Tether-backed Orionx to cease operations following audit findings

VERA Brief

AI-generated. Grounded in the article and its cited sources.

Orionx, a cryptocurrency exchange supported by Tether, is closing permanently. This decision comes after an audit revealed a custody gap of over $7 million in customer assets, found in wallets not under the exchange's direct control.

Key facts

• Orionx will permanently cease operations.
• An audit found a shortfall exceeding $7 million in customer assets.
• The assets were located in wallets outside the exchange's direct custody.
• Orionx intends to facilitate the return of customer funds.