Tether-backed Orionx to shut down after audit reveals $7M custody gap
Source Summary
Tether-backed cryptocurrency exchange Orionx is permanently closing following an audit that discovered more than $7 million in customer assets had been moved to wallets outside its custody. The custody gap prompted the decision to shut down operations.
Why it matters
The closure demonstrates custody and asset management failures at a Tether-affiliated exchange, raising concerns about customer fund security in the cryptocurrency sector.
