Cointelegraph reported that Tether’s USDT was used in parts of a failed Venezuelan oil transaction that resulted in roughly $230 million in losses for Polish state-owned energy group Orlen. The deal took place in late 2023, when Venezuela’s state oil company PDVSA began requiring some payments in USDT as it sought to bypass U.S. financial sanctions. In November 2023, Samer Awad, a former executive at Orlen Trading Switzerland, led a purchase of 6 million barrels of Venezuelan crude from PDVSA. On Dec. 4, Orlen sent a $230 million prepayment to Dubai-based seller Hannon International Middle East. According to the report, Hannon then used multiple crypto brokers and intermediaries to convert funds into USDT, but much of the money disappeared through layered transfers. Orlen ultimately received only about $29 million worth of crude and terminated the contract. The report also said Warsaw regional prosecutors opened an investigation into the related oil contracts in January 2025.
According to Cointelegraph, Tether’s USDT was caught up in a failed Venezuelan oil trade that left Polish state-owned energy company Orlen with losses of about $230 million.
Deal was arranged in late 2023
The report said Venezuela’s state oil company, PDVSA, began requiring that part of the payments be made in USDT in late 2023 as it looked to bypass U.S. financial sanctions.
In November 2023, Samer Awad, a former executive at Orlen Trading Switzerland, led a deal to buy 6 million barrels of Venezuelan crude from PDVSA. On Dec. 4, Orlen sent a $230 million advance payment to Dubai seller Hannon International Middle East.
Funds moved through multiple intermediaries
After receiving the prepayment, Hannon International Middle East used several crypto brokers and intermediaries to obtain USDT, but most of the money could no longer be traced after passing through multiple layers of transfers. Orlen received only about $29 million worth of crude before ending the contract.
Tracing of the funds showed that Hannon paid a $400,000 commission to obtain $80 million in USDT and sent $135 million to Horizon Global, while saying it received only $85 million in USDT.
Prosecutors later opened an investigation
In January 2024, Hannon employees delivered two USB drives to brokers in Caracas that reportedly contained $60 million and $50 million in USDT.
In January 2025, the Warsaw Regional Prosecutor’s Office announced an investigation into the related oil contracts, involving losses of about $378 million.
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