Orlen Suffers $424 Million Loss in Cryptocurrency-Funded Oil Deal

Polish energy company Orlen suffered significant losses after a failed oil deal funded by cryptocurrency. In November 2023, OTS, Orlen's Swiss subsidiary, signed a contract with Hannon International for the supply of 6 million barrels of oil.

The payment was made in USDT stablecoins via a chain of intermediaries. However, only a portion of the cryptocurrency reached the seller, and the supertankers chartered by Orlen lay idle at the José terminal for weeks.

As a result, the company lost $424 million due to the failed deal, including the advance payment of $230 million, costs of the vessels' lay-up ($72 million), and legal and logistical expenses.