Poland Loses $230M in Crypto Trying to Buy Venezuelan Oil

Poland's state-backed Orlen energy group had $600 million in hand and was looking to buy 6 million barrels of oil from Venezuela in 2023. The deal took advantage of a sanction reprieve, but it went awry when the company used USDT stablecoin cryptocurrency instead of traditional payment methods.

The executive who made this decision thought it was expedient, but it didn't end well. $230 million worth of crypto unaccounted for at multiple stages in an adventure chronicled by the Financial Times.

Venezuela has massive oil reserves despite U.S.-led sanctions that block dealings with the nation. The country's embattled history hasn't deterred buyers, but this particular deal ended badly.