Radosław Piesiewicz, president of the Polish Olympic Committee (PKOl), has been detained in connection with a criminal investigation into Zondacrypto, a cryptocurrency platform that collapsed in April after serving as the primary sponsor of Poland's Olympic team.
Poland's Justice Minister and Prosecutor General Waldemar Żurek announced the detention on August 27, confirming that prosecutors intend to press charges against Piesiewicz. The investigation centers on alleged fraud and the illicit financing of individuals and institutions connected to Poland's political opposition.
Alleged Gift Exchange
According to investigations by The New York Times and Polish media outlets Wirtualna Polska and TVN, former Zondacrypto chief executive Przemysław Kral allegedly provided Piesiewicz with gifts, including a luxury watch valued at $46,605, in exchange for using his influence to intervene with Poland's consumer protection authority on behalf of the exchange. Piesiewicz has denied the allegations, stating he purchased the watch with his own funds and that Kral only assisted with the transaction.
Platform Collapse and Client Losses
Zondacrypto signed a sponsorship agreement with PKOl in 2025, becoming the official sponsor of the Polish Olympic team for the 2026 Winter Olympics in Italy. The platform collapsed in April, and prosecutors estimate that clients lost at least $94 million. Kral reportedly fled abroad.
Expanding Investigation
The investigation has broadened beyond Piesiewicz to examine Zondacrypto's financial connections across Poland's political landscape. Prosecutors are evaluating links to foundations tied to Law and Justice deputy leader Zbigniew Ziobro, Confederation party politician Przemysław Wipler, conservative network Telewizja Republika, and Polish organizers of the Conservative Political Action Conference.
Prime Minister Donald Tusk has alleged the firm's financial backing involved Russian organized crime and intelligence assets. Tensions within the Olympic organization escalated after Zondacrypto failed to deliver promised financial bonuses to Olympic athletes, leading 82 of the PKOl's 106 board members to sign a motion demanding a vote to remove Piesiewicz from his position.
