USDT linked to failed $230 million oil deal involving Polish energy giant

Tether’s USDT stablecoin was reportedly used in a failed Venezuelan oil transaction that left Poland’s statecontrolled energy group Orlen with losses tied to a $230 million advance payment. According to the Financial Times, Orlen Trading Switzerland sent the funds in late 2023 to a Dubaibased seller as part of a deal to secure millions of barrels of crude oil from PDVSA, Venezuela’s state oil company. The arrangement became complicated after the seller sought USDT to complete payments amid US sanctions on Venezuela. Most of the money reportedly moved through several crypto intermediaries, but only a fraction of the oil was delivered before the contract was terminated in March 2024. Polish prosecutors later opened an investigation into the contracts, and former Orlen managers have since faced indictment related to the losses.