Tether’s USDT Linked to $230 Million Failed Oil Deal in Poland
- Poland’s Orlen Trading Services lost $230 million in a failed oil deal involving Venezuelan state oil company PDVSA.
- The transaction, initiated in November, involved an advance payment primarily made in Tether USDt (USDT).
- Orlen only received about $29 million worth of crude oil before terminating the contract on March 28, after numerous failed crypto transfers.
- Hannon International Middle East facilitated the deal but faced challenges retrieving USDT through various brokers, leading to significant losses.
- In January 2025, Polish authorities launched an investigation into the contracts related to this oil trade for damages of approximately $378 million.
This incident highlights the complexities and risks associated with using stablecoins like USDT in international trade, especially under financial sanctions. The involvement of multiple intermediaries has complicated fund recovery efforts for Hannon.
Ultimately, Orlen’s experience underscores the potential pitfalls of cryptocurrency transactions in high-stakes deals, as evidenced by their substantial loss of $230 million amid a fragmented financial landscape. (Source)
