Poland lost hundreds of millions attempting to purchase Venezuelan oil using crypto to evade U.S. sanctions.
Regulation & Gov ·
Polish state-owned oil company Orlen lost at least $424 million in a failed attempt to purchase Venezuelan crude using cryptocurrency to bypass U.S. sanctions. The operation began when a division head met a 25-year-old entrepreneur based in Dubai; within five days, Orlen transferred a $230 million advance to this person. The transaction was structured in USDT stablecoin because conventional banking channels to Venezuela are blocked.
The arrangement relied on physical transfer of private wallet keys via flash drives during in-person meetings in Caracas—a method that proved catastrophically vulnerable. One intermediary entrusted with 110 million USDT disappeared entirely. A second $50 million was lost during conversion at another Dubai-based firm, triggering ongoing litigation. The supposed oil suppliers from Venezuela's state oil company never granted rights to actual cargo shipments.
Three tankers arrived carrying 6 million barrels but sat idle for months before departing without loading. Storage costs for a single vessel reached $72 million alone. According to the investigation, Orlen ultimately received only a small petroleum delivery instead of the intended cargo volume. The full scope of internal accountability or remedial action remains unclear.