Tether-backed Orionx to shut down after audit flags $7M custody gap

Tether-backed Orionx is permanently closing after an audit found more than $7 million in customer assets had moved to wallets outside its custody.

The top 3

  1. Top 3 Largest Crypto Exchange Hacks/Collapses: The largest confirmed crypto hack was Bybit's February 2025 breach, with approximately $1.4 billion stolen, followed by the FTX collapse exposing an $8 billion hole, and the 2014 Mt. Gox hack involving around 850,000 BTC.
  2. Exchanges with Most Significant Custody Issues: FTX collapsed due to an $8 billion hole and commingling of customer funds with Alameda Research, while QuadrigaCX's CEO claimed exclusive access to cold wallets that were later found empty, and platforms like Celsius, Voyager, and BlockFi failed from over-leveraging customer deposits.
  3. Impact of Major Exchange Failures: Major exchange failures, such as those of Terra/Luna and FTX, wiped out an estimated $1.8 trillion in crypto market value between late 2021 and the end of 2022, caused Bitcoin prices to fall to a two-year low, and led to increased calls for stricter regulatory oversight.

Sources

Open the full topic