In late November 2023, Orlen Trading Switzerland (OTS) executive Samer Awad instructed Dubai-based trader Kam Ho "Alex" Tse of Hannon International to procure Venezuelan oil during an Abu Dhabi boat party. The deal, intended to help Poland diversify from Russian oil after Vladimir Putin's invasion of Ukraine, spiraled into a $230mn loss involving cryptocurrency payments. US sanctions on Venezuela's state oil company PDVSA, led by Nicolás Maduro, had forced buyers to use USDT (Tether) on USB sticks in Caracas restaurants to bypass banking restrictions.

Despite temporary sanctions relief in October 2023, crypto payments persisted. Warsaw prosecutors have charged Awad and other former OTS executives with criminal mismanagement. Prime Minister Donald Tusk linked the scandal to a broader cleanup of state companies.

An FT investigation reveals how OTS, with $600mn capital, gambled on high-risk trades through intermediaries like Tse, who managed Iraqi oil trades from Basra and specialized in Venezuelan crude. The case exposes a shadowy oil market corner where digital currencies replace conventional channels, offering outsized profits but severe risks.