TREE NEWS update: Tether-backed crypto exchange Orionx is permanently closing after an audit found more than $7 million in customer assets had moved to wallets outside its custody. The firm announced the shutdown following the discovery, which signals a significant shortfall in customer funds. Orionx, which had backing from Tether, will cease operations as a result.
Tether-backed Orionx to shut down after audit flags $7M custody gap
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AI take
The audit's discovery of a multi-million dollar custody gap at a Tether-backed exchange raises questions about the effectiveness of due diligence by major stablecoin issuers when backing trading platforms. This event underscores the fragility of trust in centralized exchanges, particularly when customer assets are not properly segregated. The market will be watching whether this leads to tighter oversight or more stringent reserve requirements for exchanges with institutional backers.
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