Chilean Crypto Exchange OrionX Closes After US$7 Million Asset Diversion, Founders Face Fraud Allegations

OrionX, a Chilean cryptocurrency exchange founded in 2017, ceased operations in September 2025 after a forensic audit by Deloitte uncovered approximately US$7 million in unaccounted customer assets. The company filed criminal charges against two co-founders, alleging unauthorized asset transfers, while the accused founders claim accounting system errors. The case highlights risks of unlicensed crypto platforms operating without proper corporate governance.

Overview of the Case

OrionX, a Chilean cryptocurrency exchange founded in 2017 by Roberto Zibert, Joaquín Díaz, and Joel Vainstein, ceased all operations on September 3, 2025, following the discovery of significant irregularities in customer asset management.

What the Audit Revealed

Deloitte's forensic audit, initiated on October 27, 2025, and spanning approximately six months, examined transactions from 2018 to 2022. The investigation reviewed seven computers, three cold wallet-related devices, 58 corporate accounts, and internal databases.

Specific Asset Discrepancies

Bitcoin: Internal records showed 87.61 BTC in custody, but only 37.83 BTC were actually held. The shortfall was valued at approximately US$3.9 million as of April 2026. On February 4, 2021, a 30 BTC transfer was recorded as 20 BTC and later adjusted to zero. Another 20 BTC were moved in June 2022 without accounting documentation.
Ethereum: 659 ETH left a cold wallet in January 2019 and ended up on Binance in spot, futures, and margin trading operations.
Other Cryptocurrencies: Accounts associated with devenfi.com domain showed net losses of approximately US$936,000 between 2020 and 2022.

The company's criminal complaint cited total damages of approximately US$6.07 million, though OrionX later publicly stated the figure exceeded US$7 million.

Claims and Counterclaims

OrionX's Position

Based on Deloitte's findings, OrionX filed criminal charges on September 3, 2025, alleging unauthorized asset transfers by Zibert and Díaz.

The Founders' Defense

Zibert and Díaz maintain their position through the following arguments:

The Deloitte audit was "incomplete" and deliberately excluded the area overseen by Joel Vainstein.
They claim this exclusion remained outside their knowledge as directors for over six months.
On November 17, 2025, they submitted an internal report attributing the discrepancy to system limitations in processing deposits and withdrawals between 2018 and 2021.
They allege this report was subsequently manipulated and argue the losses resulted from accounting errors rather than intentional misappropriation.

Regulatory Failures

OrionX sought authorization under Chile's Fintech Law but faced rejection. In June 2026, the Financial Market Commission (CMF) denied the platform's registration application and issued a public warning that OrionX was operating without authorization. Meanwhile, CMF-regulated fintech platforms like Zesty have successfully launched crypto trading services for Chilean investors through regulated infrastructure.

Warning Signs to Watch For

How to Identify High-Risk Platforms

Absence of clear registration or licensing from national financial authorities
Lack of transparency regarding internal controls and approval processes
Concentration of critical operational permissions in single individuals
Unclear or undisclosed asset custody methods
Absence of third-party audit results or financial transparency

Self-Protection Steps

Pre-Use Verification: Always confirm that a platform is registered with your country's financial regulator before using it.
Custody Inquiries: Ask detailed questions about how customer assets are stored and secured, particularly regarding cold wallet implementation.
Audit Verification: Confirm that regular external audits by reputable firms are conducted and results are accessible.
Portfolio Diversification: Never concentrate all assets on a single platform; follow fundamental diversification principles.
Document Everything: Keep records of all transfers to and from the platform in case of disputes.

What OrionX Users Can Do

OrionX published a five-stage asset recovery plan on its website, though with no specific timelines.
Affected users can file complaints with SERNAC (consumer protection agency) and the CMF.
The Public Prosecutor's office established a unified case number (RUC) to centralize complaints.
A draft collective criminal complaint is circulating among affected parties.
Collecting transfer records to OrionX before contacting authorities is recommended.

Why This Happened: Corporate Governance Failures

The OrionX case illustrates how inadequate oversight of customer funds, combined with lack of regulatory licensing, creates conditions for asset misappropriation:

Access Control Failure: Díaz held sole authorization for system operations without secondary approval mechanisms.
Absence of Segregation of Duties: No requirement for multiple approvals or independent verification of critical transactions.
Poor Reconciliation: Internal records were not regularly reconciled with actual holdings on the blockchain.

Where to Report

Chilean Public Prosecutor's Office: Centralized complaint channel via shared RUC
Financial Market Commission (CMF): Regulatory authority complaints
SERNAC: Consumer protection agency
Legal counsel: Inquiries about joining collective litigation