Poland just took a massive hit—hundreds of millions of dollars lost after trying to score Venezuelan oil using crypto to dodge US sanctions. The plan? Secure 6 million barrels, but in reality, only a tiny shipment of oil products showed up. With missing funds, idle tankers, and other costs, the total damage adds up to at least $424 million.

How the Scheme Worked

The Swiss subsidiary of Polish state-owned Orlen wired a middleman a $230 million advance. Access to tens of millions in USDT was handed over to intermediaries on USB sticks during face-to-face meetings in Caracas. One middleman received 110 million USDT—then vanished without a trace.

Missing Funds and Deliveries

Another $50 million disappeared during a USDT conversion via a Dubai-based company—now the subject of a legal fight. Out of the planned 6 million barrels, Orlen only got a small batch of oil products, making up a big chunk of the final losses.