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55CRYPTO

Tether-backed crypto exchange Orionx to shut down after audit reveals $7M custody gap

⚡ Markets: Another exchange failure due to mismanagement of customer funds reinforces negative sentiment and regulatory pressure on the crypto industry, particularly concerning custody and reserves.USDT

Cryptocurrency exchange Orionx, which had received backing from Tether, is permanently closing down. The decision follows an audit that discovered a shortfall of over $7 million in customer assets, which had been moved to wallets outside the company's control.

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