Orionx, a cryptocurrency exchange backed by Tether, has announced its permanent closure after an audit uncovered a significant custody gap. According to CoinTelegraph, more than $7 million in customer assets were found to have been transferred to wallets outside the company’s control.
This discovery prompted Orionx to cease operations, highlighting ongoing challenges in asset security within the crypto sector. The incident raises concerns about the safeguarding of customer funds amid increasing regulatory scrutiny.
For Japanese investors, who remain cautious about crypto exchanges given past industry collapses, this development underscores the importance of transparency and rigorous audits in maintaining market trust.