Polish Olympic Chief Detained in Crypto Fraud Probe

Olympic Leader Facing Fraud Probe

Radosław Piesiewicz, the president of the Polish Olympic Committee (PKOl), has been detained in connection with a growing criminal investigation into Zondacrypto, a collapsed cryptocurrency firm that previously served as a primary sponsor for Poland’s Olympic team.

Waldemar Żurek, Poland’s justice minister and prosecutor general, announced the detention Aug. 27, confirming that prosecutors intend to press charges against Piesiewicz. The move comes as part of a broader probe into alleged large-scale fraud and the illicit financing of various individuals and institutions tied to Poland’s right-wing political opposition.

A recent report by The New York Times, alongside joint reporting from Polish media outlets Wirtualna Polska and TVN, has shed light on the inner workings of Zondacrypto and its ties to European public figures. The media investigations revealed that former Zondacrypto chief executive Przemysław Kral allegedly provided Piesiewicz with lavish gifts, including a luxury watch valued at $46,605, in exchange for the Olympic chief using his influence to intervene on behalf of the exchange with UOKiK, Poland’s consumer protection authority.

Piesiewicz denied the allegations, maintaining that he purchased the watch using his own funds and that Kral merely assisted in facilitating the transaction.

Zondacrypto signed an agreement with PKOl in 2025 under Piesiewicz’s leadership, naming the platform the official sponsor of the Polish team for the 2026 Winter Olympics in Italy. However, the firm collapsed in April, and Kral, who previously criticized the Polish government’s crypto regulations, reportedly fled abroad, and prosecutors estimate that clients lost at least $94 million.

Broadening Scope of Investigation

According to a local report, the PKOl president has been a polarizing figure since taking office in 2023 under the previous national-conservative Law and Justice (PiS) government. Following a dismal medal count at the 2024 Paris Olympics, Piesiewicz clashed openly with Prime Minister Donald Tusk’s government.

Tensions escalated further this year after Zondacrypto failed to deliver promised financial bonuses to Olympic athletes, prompting 82 of PKOl’s 106 board members to sign a motion demanding a vote to remove Piesiewicz from his post.

In addition to targeting Piesiewicz, Polish prosecutors are expanding their inquiry to assess Zondacrypto’s financial links across the political landscape. Żurek confirmed that investigative targets include foundations tied to PiS deputy leader Zbigniew Ziobro, Confederation party politician Przemysław Wipler, conservative network Telewizja Republika, and the Polish organizers of the Conservative Political Action Conference (CPAC).

Tusk has alleged that the firm’s financial backing involved Russian organized crime and intelligence assets, using the scandal to criticize political rivals. Tusk’s ruling coalition has attempted to pass crypto-market regulation three times, only to face vetoes from President Karol Nawrocki, an opposition ally who argues the legislation restricts financial freedoms.