Orlen loses $424 million after crypto payment for Venezuelan oil
Poland's state oil company Orlen lost up to $424 million after a $230 million advance intended for Venezuelan Merey 16 crude was converted into USDT and then disappeared. The deal began in late 2023 and used tether because PDVSA was cut off from western banks; Dubai intermediaries converted funds, incurring large fees and a roughly $50 million shortfall. Private keys on USB drives were handed to Venezuelan brokers in Caracas, then contact stopped and PDVSA loaded just one ship. Polish prosecutors charged three former Orlen Trading Switzerland executives and Orlen has started arbitration in Dubai to recover funds.
Orlen lost hundreds of millions after a $230 million USDT advance disappeared
Context
Orlen tried to buy discounted Venezuelan Merey 16 crude in late 2023. The company paid a $230 million advance converted into USDT and handed private keys on USB drives. Prosecutors charged three former executives and Orlen started…
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