Polish state-controlled oil refiner PKN Orlen lost approximately $420 million in a deal to purchase Venezuelan crude oil that was never delivered. Between late 2023 and early 2024, its subsidiary Orlen Trading Switzerland dealt with Dubai-based intermediaries rather than purchasing directly from Venezuela, converting funds into USDT. Over $132 million in USDT was allegedly transferred via physical USB drives, and one $135 million conversion reportedly resulted in only $85 million, leaving a $50 million shortfall tied up in an UAE court. Payments were made ahead of oil deliveries that never arrived, and three former Orlen managers have been indicted by Polish prosecutors.
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