USDT payment method revealed in failed $230M oil deal involving Polish energy giant Orlen

Orlen's $230 million oil advance lost in complex USDT transfer chain

Poland's state-controlled energy giant Orlen reportedly paid $230 million in advance for Venezuelan crude oil using Tether's USDT stablecoin, but the deal failed and most of the money disappeared. This was the first time a major state-backed oil company was reported to have used stablecoins, which are digital tokens designed to match the value of a fiat currency, in a transaction of this size. The report, published by the Financial Times, outlines how the funds got stuck in a confusing chain of Dubai and Caracas-based intermediaries.

Key numbers from the failed transaction

• $230 million: The total advance payment Orlen sent to Hannon International Middle East in December 2023.
• ~$28.8 million: The value of the only shipment Orlen actually received before canceling the contract in March 2024.
• $378 million: The total damages reported in subsequent legal investigations into the crude oil contracts, as identified by the Warsaw Regional Prosecutor's Office.

How the USDT payments broke down

The Financial Times report states that Orlen sent the $230 million to Hannon, a Dubai-based seller, on December 4, 2023. Hannon then used crypto brokers to convert a portion of that sum into USDT to pay the Venezuelan state oil company, PDVSA. The FT notes that most of the funds were lost through a maze of transfers. Hannon claimed it paid $135 million to a company called Horizon Global, which Hannon said only returned $85 million in USDT, leaving a $50 million shortfall. Horizon contested these claims.

Hannon also reported sending $30 million to Gold Mar International Trading for a USDT conversion. Hannon said it recovered $21 million of that from Gold Mar in February 2024. Later, in early 2024, Hannon employees provided Caracas brokers with two USB drives containing $60 million and $50 million in USDT, plus access to another $11 million in USDT.

Legal fallout for former Orlen managers

In January 2025, Poland's Warsaw Regional Prosecutor's Office opened an investigation into the Orlen Trading Services oil contracts, estimating damages at 1.5 billion Polish zloty ($378 million). In August 2026, Reuters reported that three former managers at Orlen and its trading arm were indicted over these contracts. The three individuals, identified only by their last initials under Polish privacy laws, are facing up to 25 years in prison. All three have denied any wrongdoing.

David McCoy, the legal representative for Hannon, told Cointelegraph that the company was not involved in the Polish investigation. He stated that Hannon took the transaction at Orlen's request and has since been trying to recover the lost funds on its own.

What is still unclear

The exact path of the missing $200 million remains contested. Hannon blamed other brokers for the shortfalls, while some of those companies, like Horizon Global, disputed Hannon's claims. The investigation in Poland is still ongoing, and it remains unclear if the missing funds were intentionally diverted or lost due to failed conversion attempts by the intermediaries.