Poland reportedly lost $230 million in crypto-backed Venezuelan oil deal

Poland reportedly lost $230 million in an attempt to buy Venezuelan oil using cryptocurrency, in a transaction involving executives at Orlen, the country’s biggest state-backed energy group, and Dubai-based Hanan International. A Financial Times investigation described cryptocurrency converted into USDT, missing money and ultimately very little Venezuelan oil delivered.

Warsaw prosecutors charged Awad and other former executives at Orlen Trading Switzerland with criminal mismanagement. Prime Minister Donald Tusk folded the case into a broader cleanup of state companies. The investigation characterized the deal as one of Poland’s biggest corporate scandals and highlighted the risks of using little-known intermediaries and crypto payment channels in oil trading.