According to the *Financial Times*, the Swiss trading company OTS, a subsidiary of Poland's state-owned energy group Orlen, attempted to purchase Venezuelan oil using cryptocurrency at the end of 2023. They prepaid approximately $230 million to Dubai-based Hannon International, planning to acquire 6 million barrels of Merey 16 crude oil. Traders reportedly used encrypted USB drives to transfer USDT to Venezuelan brokers, but the majority of the oil was never delivered. OTS only received a portion of fuel oil and also incurred significant demurrage costs for ships. The incident subsequently triggered an investigation by Polish prosecutors, with several former Orlen executives facing criminal charges. The total losses from the transaction are estimated to be around $424 million. https://(wublock123.com)/news/poland-state-company-buys-venezuela-oil-with-usdt-230m-loss-68417