USDT payments feature in Polish energy giant’s failed $230M oil deal: FT
Tether’s USDT stablecoin was part of a failed oil trade that reportedly cost a Polish energy giant $230 million in late 2023.
The world’s largest stablecoin, Tether’s USDT, played a central role in a failed $230 million oil deal orchestrated by Poland’s state-controlled energy giant, Orlen. In late 2023, state oil company PDVSA began demanding partial payments in USDT to circumvent US financial sanctions. Orlen’s former executive, Samer Awad, was tasked with the trade, acquiring 6 million barrels of Venezuelan crude oil from PDVSA.
The $230 million advance payment was sent largely in Tether USDt (USDT) to Hannon International Middle East in Dubai on December 4, 2023. Hannon struggled to obtain the required USDT, leading to a loss of about $230 million. Hannon obtained $80 million USDT but only received $85 million in return, leaving a $50 million shortfall.
Further payments to intermediaries also fell short, totaling $127 million. The deal ultimately ended in March 2024 when Orlen terminated the contract with Hannon after receiving only a fraction of the crude oil. An investigation into the oil contracts related to Orlen Trading Services was launched in January 2025, with three former managers facing potential 25-year prison sentences.
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