Polish energy firm's crypto payment for Venezuelan oil ends in $230M loss
Poland's state-backed Orlen group attempted to purchase 6 million barrels of Venezuelan oil using the USDT stablecoin in 2023. The transaction involved multiple intermediaries and several transfers, but $230 million worth of cryptocurrency disappeared. A representative even carried cold wallets on USB sticks to Venezuela, yet the oil deal never completed.
The transaction chain involved multiple layers of intermediaries, with Hannon converting funds through Dubai exchanges before Tse personally transported the digital assets on USB drives. The operation's costs compounded as three chartered tankers idled at anchor, accumulating port fees while negotiations stalled.
Tse's team attempted alternative purchases, including a contaminated lighter crude shipment and later fuel oil, before a partial refund of 21 million USDT arrived from the earlier Dubai exchanges. The ordeal concluded with a confirmed 500,000-barrel purchase, though the overall financial damage remained substantial.
This incident could erode confidence in cryptocurrency as a payment mechanism for sanctioned commodities, potentially making legitimate businesses more cautious about stablecoin transactions. It may also highlight the risks of relying on unverified intermediaries in high-stakes international deals, affecting how energy companies structure future sanctions-era purchases. The loss ultimately burdens Polish taxpayers, who could face scrutiny over Orlen's oversight practices.