Tether-backed Orionx to shut down after audit finds more than $7M custody shortfall

Tether-backed Orionx is shutting down after an audit found a $7M+ custody shortfall, raising counterparty and custody-risk concerns across the centralized exchange ecosystem. While the direct exposure appears localized, the headline can tighten risk appetite and increase scrutiny of stablecoin-adjacent platforms' reserves and controls, potentially prompting short-term de-risking in broader crypto markets.