Poland's Orlen loses $1.4 billion on oil deal paid in USDT
- —OTS transferred $230 million in prepayment to Dubai-based Hannun International for 6 million barrels of oil
- —$132 million in USDT was sent to brokers in Caracas, of which $110 million disappeared
- —Orlen's total loss is estimated at 1.6 billion zloty ($1.4 billion)
- —Three former executives face up to 25 years in prison
Why it matters: The largest case of USDT use in international commodity trading: Polish authorities are tracing the fund flows on the blockchain, increasing pressure on stablecoins as a tool for circumventing sanctions.
Source: Blockmedia