Polish prosecutors said on Tuesday that they are examining cryptocurrency transactions behind a failed attempt by state-controlled energy giant Orlen to buy Venezuelan oil, after the Financial Times revealed new details of how the deal unfolded. The Warsaw Regional Prosecutor’s Office said its investigation covers “not only the transaction itself, but also the purchase of cryptocurrency using funds transferred by the company.” The deal dates to late 2023, during the final weeks of Poland’s previous Law and Justice (PiS)-led government. The contract was signed on November 29, 2023, two weeks before Donald Tusk’s current government took office on December 13. It was handled by Orlen Trading Switzerland (OTS), a subsidiary established to expand Orlen’s international oil trading as Poland reduced its dependence on Russian crude following Moscow’s full-scale invasion of Ukraine. According to the FT, the Venezuelan venture took shape around the 2023 Abu Dhabi Formula 1 Grand Prix, where Orlen sponsored a racing team. OTS chief Samer Awad met Hannon founder Kam Ho “Alex” Tse at an event on a yacht and asked him to source Venezuelan crude for the Polish company.