Tether-backed crypto exchange Orionx is shutting down permanently after a forensic audit found a $7M+ custody shortfall.
The audit found a gap between what Orionx’s internal records claimed it held and what was actually sitting in its custody wallets across $BTC - $ETH - $XRP and $POL
The company has accused two former co-founders of involvement, alleging millions in crypto were transferred out between 2018 and 2021. Both deny wrongdoing, and the cause of the shortfall remains unclear.
Withdrawals are currently suspended as Orionx works to recover customer assets.
Another painful reminder: an exchange balance on a screen is most likely not the same thing as assets you can verify onchain. DYOR!
The audit found a gap between what Orionx’s internal records claimed it held and what was actually sitting in its custody wallets across $BTC - $ETH - $XRP and $POL
The company has accused two former co-founders of involvement, alleging millions in crypto were transferred out between 2018 and 2021. Both deny wrongdoing, and the cause of the shortfall remains unclear.
Withdrawals are currently suspended as Orionx works to recover customer assets.
Another painful reminder: an exchange balance on a screen is most likely not the same thing as assets you can verify onchain. DYOR!
