USDT payments feature in Polish energy giant’s failed $230M oil deal: FT
Tether’s USDT was reportedly used in a failed Venezuelan crude oil deal that left Poland’s state-controlled energy giant Orlen with a loss of about $230 million. After PDVSA began requesting partial payment in USDT to bypass US sanctions, Orlen Trading Switzerland advanced $230 million in late 2023 to Dubai-based Hannon International Middle East for 6 million barrels of oil. Hannon then tried to source USDT through multiple crypto brokers and intermediaries, but much of the money reportedly disappeared in a chain of transfers. Orlen ultimately received only about $29 million worth of oil before ending the contract. The missing funds were traced through several Dubai and Caracas-based entities and brokers, with disputed claims over shortfalls and recoveries. Polish prosecutors later opened an investigation into the contracts, and several former Orlen executives were reportedly indicted in connection with the losses.
