USDT Payments Feature in Polish Energy Giant’s Failed $230M Oil Deal
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8 Articles
This is one of the biggest financial scandals in Poland. The energy group Orlen lost nearly $230 million in trying to buy Venezuelan oil with cryptocurrency. After Russia's invasion of Ukraine, Warsaw is seeking to diversify its sources of supply. In an investigation, the Financial Times revealed how this operation turned into a fiasco.
Cointelegraph
The New York LedgerUSDT Payments Feature in Polish Energy Giant’s Failed $230M Oil Deal
Tether’s USDT stablecoin was among the main digital assets used in a failed oil trade that reportedly cost a Polish energy giant $230 million in late 2023.
A quarter billion dollar deal turned into a huge scandal in Poland. Warsaw lost 230 million dollars trying to buy oil from Venezuela with cryptocurrencies. Money went through dark companies and brokers in Dubai and Caracas and included trading schemes in cryptocurrencies, some made even with USB stickers. But the promised oil never arrived again, the state remained with losses, and prosecutors investigate how the transaction was managed.
According to Cointelograph, USDT was used in Venezuelan oil operation that ended at a cost of US$ 230 million to Orlen
USDT in Polish Oil Deal: FT Reports $230M Project Failure
Tether’s USDt appears to have played a central role in a Venezuelan crude oil deal that went badly wrong for Poland’s largest energy company. According to the Financial Times, the stablecoin was used in a failed transaction tied to state energy firm PDVSA, leaving Orlen—via its trading arm—out of an advance payment totaling $230 million [...]
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