Polish Olympic Chief Detained in Zondacrypto Fraud Probe
Media reports tie a $46,605 watch to Polish Olympic chief Radosław Piesiewicz; client losses at Zondacrypto run to $94 million as the probe widens.
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Radosław Piesiewicz, the president of the Polish Olympic Committee (PKOl), was detained Aug. 27 in connection with the criminal investigation into the collapse of the cryptocurrency exchange Zondacrypto. Waldemar Żurek, Poland's justice minister and prosecutor general, announced the detention and said prosecutors intend to press charges.
The detention is part of a broader investigation into alleged large-scale fraud and the illicit financing of individuals and institutions tied to Poland's right-wing political opposition. Zondacrypto signed a sponsorship agreement with PKOl in 2025 under Piesiewicz's leadership, naming it the official sponsor of the Polish team for the 2026 Winter Olympics in Italy. The exchange collapsed in April. Former chief executive Przemysław Kral, who had criticized the government's crypto regulations, reportedly left for Israel. Prosecutors estimate client losses at least $94 million.
Investigative reporting by The New York Times, together with Polish outlets Wirtualna Polska and TVN, tied Kral to Piesiewicz directly. According to that reporting, Kral allegedly gave the Olympic chief a luxury watch valued at $46,605, along with other gifts, in exchange for Piesiewicz intervening with UOKiK, Poland's consumer protection authority, on the exchange's behalf.
Piesiewicz denied the allegations. He said he bought the watch with his own funds and that Kral only helped facilitate the purchase.
Piesiewicz took office in 2023 under the previous Law and Justice (PiS) government and has been a polarizing figure since then, Polish media reported. He clashed publicly with Prime Minister Donald Tusk's government after a dismal medal count at the 2024 Paris Olympics. Tensions escalated further this year after Zondacrypto failed to deliver promised financial bonuses to Olympic athletes. Eighty-two of PKOl's 106 board members signed a motion demanding a vote to remove him.
The prosecutors' inquiry is not limited to Piesiewicz. Żurek said targets include foundations tied to PiS deputy leader Zbigniew Ziobro, Confederation party politician Przemysław Wipler, the conservative network Telewizja Republika and the Polish organizers of the Conservative Political Action Conference (CPAC).
Tusk has alleged that Zondacrypto's financing involved Russian organized crime and intelligence assets, using the scandal to criticize his political rivals. His ruling coalition has attempted three times to pass crypto-market regulation. President Karol Nawrocki, an opposition ally, vetoed each attempt. He argues the legislation restricts financial freedoms.
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