[Orlen's Venezuelan Crude Oil Deal Losses Reach Up to $424 Million, Involving $230 Million USDT Prepayment] Odaily Planet Daily News: In November 2023, Orlen Trading Switzerland, a subsidiary of the Polish state-owned energy company Orlen, signed a contract to purchase 6 million barrels of Venezuelan crude oil. The company paid $230 million in unsecured prepayments to Dubai-based trading firm Hannon International to exchange for USDT. Hannon International subsequently converted the funds through multiple intermediaries, with $135 million only yielding 85 million USDT, resulting in a $50 million shortfall. From January to March 2024, private keys controlling over 132 million USDT were handed over via USB storage devices to brokers associated with Venezuela's state oil company. After the transaction, the brokers went out of contact, and Venezuela's state oil company failed to release the crude oil shipments. Ultimately, only one vessel carrying approximately 500,000 barrels of fuel oil, valued at $28.8 million, was delivered. Orlen canceled the contract in March 2024, with total estimated losses ranging from $378 million to $424 million. Polish prosecutors have launched a criminal investigation into the management of Orlen Trading Switzerland, with three former senior executives indicted and facing up to 25 years in prison. Orlen has initiated international arbitration in Dubai to recover the $230 million prepayment. (Bitcoin.com News)