USDT Payments Feature in Polish Energy Giant’s Failed $230M Oil Deal
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Article Details
Written by: Zoltan Vardai, staff writer
Reviewed by: Robert Lakin, staff editor
USDT Payments Feature in Polish Energy Giant’s Failed $230M Oil Deal: FT
Latest News
Published: Sep 15, 2026
Tether’s USDT stablecoin was reportedly involved in a failed Venezuelan oil trade that cost a Polish energy giant $230 million in late 2023, according to the Financial Times.
The world’s largest stablecoin by market cap, Tether’s USDt (USDT), was used in a failed trade with PDVSA, Venezuela’s state-owned oil company, which demanded partial payments in USDT as a workaround to US financial sanctions.
In November 2023, Orlen Trading Switzerland (OTS), a trading subsidiary of Poland’s state-controlled energy giant Orlen, entered into a deal to acquire 6 million barrels of Venezuelan crude oil from PDVSA. An advance payment of $230 million was made largely in USDT to Hannon International Middle East, a Dubai-based seller, on December 4, 2023.
However, Orlen only received about $29 million worth of oil before terminating the contract. The majority of the funds disappeared into a maze of crypto transfers.
Payment Flows and Loss:
- December 2023: Orlen wired $230 million to Hannon International.
- Hannon obtained $80 million USDT from a Dubai-based financial services company.
- Hannon sent $135 million to Horizon Global, receiving only $85 million in USDT.
- They also sent $30 million to Gold Mar International Trading, recovering $21 million in USDT in February 2024.
- In March 2024, Orlen’s ship was loaded with only $28.8 million worth of fuel oil.
Hannon has taken steps to recover the funds and is in dialogue with Orlen to resolve the matter amicably. The Warsaw Regional Prosecutor’s Office announced an investigation into the oil contracts in January 2025.