Warsaw: Radosław Piesiewicz, president of the Polish Olympic Committee, has been arrested as part of an investigation into an alleged financial scandal involving the collapsed cryptocurrency platform Zondacrypto. Investigators are examining alleged bribes and personal benefits connected with a sponsorship agreement involving the platform. Piesiewicz is among the most prominent figures to be detained in the investigation so far.
According to investigators, Zondacrypto halted trading in April after facing severe financial difficulties amid a large number of withdrawal requests from investors. Investigators claim that the platform’s collapse resulted in losses of at least 350 million zlotys, equivalent to around ₹7,000 crore.
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Piesiewicz’s arrest comes as the Zondacrypto case has increasingly become a political controversy in Poland. The platform, which operated in Poland and was registered in Estonia, reportedly had around 1.3 million registered users before its collapse.
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After the investigation into Zondacrypto was launched, authorities examined whether the platform had misled investors and whether financial irregularities occurred before bankruptcy proceedings were initiated.
The investigation later expanded to alleged personal gifts received by Piesiewicz from the company. Poland’s justice minister has alleged that Piesiewicz received a Swiss luxury watch worth around €40,000, equivalent to approximately ₹42 lakh. Piesiewicz has denied any wrongdoing.
Investigators are also examining whether the sponsorship arrangements involving Zondacrypto were connected to any improper benefits allegedly received by Piesiewicz.
Alleged Links With Right-Wing Politics
Zondacrypto has also come under scrutiny over its financial support for events, foundations and media outlets associated with Poland’s right-wing political establishment.
Ahead of last year’s presidential election, the company sponsored Poland’s first gathering of the US-based Conservative Political Action Conference. The election was won by Karol Nawrocki, the candidate backed by the right-wing Law and Justice Party (PiS).
Relations between Prime Minister Donald Tusk and President Nawrocki have since become increasingly strained, including over legislation aimed at regulating Poland’s cryptocurrency market and bringing it in line with European Union rules.
The Tusk government attempted to introduce new cryptocurrency regulations, but Nawrocki vetoed the legislation. The president argued that excessive regulation could push the cryptocurrency industry out of Poland.
Following Zondacrypto’s collapse, Tusk has highlighted the company’s alleged financial support for PiS-linked events, foundations and media organisations. Zondacrypto also provided advertising funding to TV Republika. The broadcaster’s majority shareholder has denied wrongdoing, saying its relationship with the company was based on a regular commercial advertising agreement.
Allegations of Russian Financial Links
The Zondacrypto investigation has also triggered a political dispute over alleged links to Russian money. Tusk alleged in April that the platform had received “Russian money”, although no public evidence supporting the claim has been provided.
Poland’s justice minister later suggested that some of the funding could have originated from Russian criminal groups. However, prosecutors have not corroborated the allegation, while people associated with Zondacrypto have rejected the claims.
Przemysław Kral, who was the company’s chief executive at the time of its collapse, has also denied wrongdoing. He said the company had faced liquidity problems and was unable to keep pace with withdrawal requests. Kral attributed the situation partly to what he described as a politically motivated campaign encouraging investors to withdraw their funds.
Investigation Expands
Poland’s sports minister has welcomed Piesiewicz’s arrest, arguing that he should not have held the position of president of the Polish Olympic Committee.
Investigators are now examining alleged bribes, gifts, sponsorship payments and financial transactions connected to Zondacrypto. Authorities are also looking into the company’s relationships with political organisations, foundations and media outlets.
The investigation could determine whether the alleged benefits provided to Piesiewicz were connected to the sponsorship arrangements and whether other individuals or organisations benefited from the platform’s financial activities.
The case has become a major political and financial controversy in Poland, with authorities continuing to trace the movement of funds, examine the circumstances surrounding Zondacrypto’s collapse and determine whether further criminal charges are warranted.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
