Chilean cryptocurrency exchange Orionx has stopped operating and frozen user withdrawals after a forensic audit found that more than $7 million in custodial assets had been moved to wallets outside the company’s control, creating a funding gap. Orionx said it has filed a complaint with Chile’s national prosecutor, accusing founding partners Joaquín Díaz and Roberto Zibert, along with other former employees, of taking part in the transactions. The complaint says the transfers took place between 2018 and 2021. Chile’s Financial Market Commission, or CMF, said Orionx was not authorized to provide cryptocurrency financial services and that its operations did not comply with the country’s Fintech Law. The exchange also said it cannot guarantee that users will recover all of their funds. Bitcoin.com News was cited as the source in the original report.

Circle CEO Jeremy Allaire said stablecoins are nearing an “iPhone moment,” driven by payment partnerships, regulatory progress, and global expansion. As USDC, USDT, RLUSD, and potential bank and retail entrants accelerate competition, the sector may move closer to mainstream financial use.