$420m Paid for Vanished Oil Exposes USDT Loopholes
Poland's state-controlled oil refiner Orlen has found itself in hot water over a Venezuelan oil deal that went sour. According to reports, the company paid hundreds of millions of dollars in advance for crude oil from Venezuela but never received the shipment.
The deal was struck through intermediaries in Dubai, where USDT payments were made via physical USB drives. However, one conversion resulted in a $50 million shortfall tied up in a UAE court, and chartered tankers waited without receiving oil, adding around $72 million in shipping costs.
Orlen's subsidiary, Orlen Trading Switzerland, had entered the deal during a temporary easing of US sanctions on Venezuela's oil industry. However, by April 2024, restrictions were tightened again, leaving the company with significant losses.