USDT involved in failed $230 million oil deal by Polish energy giant Orlen

According to the Financial Times, Tether's USDT was involved in a failed Venezuelan oil transaction that resulted in a $230 million loss for the Polish state-owned energy company Orlen. In late 2023, the Venezuelan state oil firm PDVSA requested payments in USDT to bypass U.S. sanctions. Orlen's trading subsidiary, Orlen Trading Switzerland, transferred $230 million to a Dubai-based seller, Hannon International Middle East, to purchase crude oil. Most of the funds disappeared through various intermediaries and cryptocurrency brokers, with Orlen receiving only $29 million worth of oil before terminating the contract. The Warsaw District Prosecutor's Office launched an investigation in January 2025 regarding losses totaling approximately $378 million.