FT: Orlen's failed $230 million Venezuela oil deal ran through USDT
- —The $230 million advance was sent on Dec. 4, 2023 to seller Hannon International in Dubai
- —About $80 million in USDT was received through a Dubai firm for a $400,000 commission
- —Two USB drives holding $60 million and $50 million in USDT were handed to a broker in Caracas
- —Orlen received only about 500,000 barrels of oil worth $28.8 million instead of 6 million barrels
Why it matters: The case shows how USDT is used to circumvent sanctions in large commodity deals, increasing regulatory pressure on stablecoins.
Source: Crypto Economy