Orionx Shuts Down Over $7M Custody Gap; CLARITY Act Gains Senate Ground

Tether-backed Chilean cryptocurrency exchange Orionx is permanently shutting down after a forensic audit revealed more than $7 million in customer assets had been transferred to wallets outside its custody. The exchange has suspended withdrawals as it works to recover as much client funds as possible and has filed a criminal complaint against former co-founders Roberto Zibert and Joaquín Díaz, who have denied wrongdoing. According to local reports, the alleged transfers occurred between 2018 and 2021. Orionx had received backing from Tether during its June 2025 Series A funding round as part of the stablecoin issuer's broader expansion into Latin America.

In Poland, lawmakers fell short of overriding President Karol Nawrocki's veto of legislation designed to strengthen oversight of the country's digital asset market. The Sejm voted 241-198 to overturn the veto, with three abstentions, missing the required three-fifths majority by 25 votes. The failed override comes as an investigation into collapsed exchange Zondacrypto deepens, with Prime Minister Donald Tusk citing witness testimony alleging payments and attempts to influence politicians tied to Poland's previous administration. Zondacrypto's Estonian operator, BB Trade Estonia, was declared bankrupt in August, while Polish prosecutors continue investigating suspected fraud and money laundering linked to the platform.

Meanwhile, the National Sheriffs' Association has dropped its opposition to the CLARITY Act, switching its position to "neutral" ahead of a critical Senate vote this month. In a letter to Senate leaders, the law enforcement group credited work by Congress, the Trump administration, and other stakeholders to address its prior legal and enforcement concerns. The association said it will now "step back" and allow lawmakers to shape a regulatory framework for digital assets, removing a significant obstacle to the crypto market structure bill's progress.