USDT Payments Feature in Polish Energy Giant’s Failed $230M Oil Deal
10 Articles
10 Articles
This is one of the biggest financial scandals in Poland. The energy group Orlen lost nearly $230 million in trying to buy Venezuelan oil with cryptocurrency. After Russia's invasion of Ukraine, Warsaw is seeking to diversify its sources of supply. In an investigation, the Financial Times revealed how this operation turned into a fiasco.
Cointelegraph
The New York LedgerUSDT Payments Feature in Polish Energy Giant’s Failed $230M Oil Deal
Tether’s USDT stablecoin was among the main digital assets used in a failed oil trade that reportedly cost a Polish energy giant $230 million in late 2023.
Poland believed three years ago that it found a way to buy Venezuelan oil while sailing through a regime of sanctions that made conventional payments more difficult.
Poland thought it had found a way to buy Venezuelan oil by circumventing a sanctions regime that made it difficult to make standard payments. Instead, a state-backed energy company transferred $230 million to an intermediary, receiving almost nothing of the agreed-upon oil, and found itself embroiled in one of the most egregious cases of corporate governance failure in history.
A quarter billion dollar deal turned into a huge scandal in Poland. Warsaw lost 230 million dollars trying to buy oil from Venezuela with cryptocurrencies. Money went through dark companies and brokers in Dubai and Caracas and included trading schemes in cryptocurrencies, some made even with USB stickers. But the promised oil never arrived again, the state remained with losses, and prosecutors investigate how the transaction was managed.
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