Polish state-controlled energy group Orlen lost $230 million in an attempt to purchase around 6 million barrels of Venezuelan crude using cryptocurrency, According to an investigation by the Financial Times, the money was transferred through intermediaries and converted into USDT, but the planned oil delivery ultimately failed. It was noted that in November 2023, Orlen’s Swiss trading subsidiary, Orlen Trading Switzerland (OTS), signed a $345 million contract with Dubai-based Hannon International to purchase Merey 16 crude oil from Venezuela. OTS expected to earn around $25–30 million from the transaction and paid Hannon a $230 million advance.
Venezuela was reportedly willing to accept payment only in cryptocurrency, specifically USDT. Hannon therefore transferred the funds to intermediaries in Dubai for conversion into the digital currency. One intermediary received $135 million, but according to Hannon, only $85 million in USDT was ultimately passed on to the Venezuelan seller.
Another $30 million was transferred to a different company but never reached Venezuela. Both were supposed to facilitate deliveries of Venezuelan crude during a narrow window in late 2023 and early 2024, when the US temporarily eased sanctions on Venezuela’s oil sector. The money didn’t come back either.
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