Tether USDT used in failed $230 million oil trade
Poland's Orlen advanced $230 million in December 2023 to purchase 6 million barrels of Venezuelan crude, with much of the payment routed as Tether USDt after PDVSA sought USDT due to sanctions. The Dubai seller Hannon and multiple crypto intermediaries converted and moved funds, but most USDT transfers could not be traced and Orlen received roughly $29 million worth of oil before terminating the contract. Hannon says it has sought recoveries. Warsaw prosecutors opened an investigation into related contracts and later indictments were reported against three former Orlen managers, while Tether and Orlen were approached for comment.
Orlen lost $230 million after USDT payments vanished
Context
PDVSA demanded partial payments in USDT as a workaround to US sanctions. Orlen paid a $230 million advance in December 2023. Legal probes and asset recovery efforts have followed and could continue.
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