Scandal Involving Olympic Official: The Watch That Changed Everything

Warsaw, October 15, 2023 – Sometimes, the smallest things send the biggest ripples. A €40,000 watch, a former vice president of Poland’s Olympic Committee, and a cryptocurrency exchange suddenly at the center of a bribery scandal. What sounds like the plot of a bad Hollywood movie is, unfortunately, reality—and it reveals just how fragile the boundaries between sports, power, and digital economies can be.
Radosław Piesiewicz, once a powerful figure in Polish sports, is now behind bars. He’s accused of removing regulatory hurdles for the cryptocurrency exchange Zondacrypto in exchange for something more than symbolic: a luxury Patek Philippe. €40,000, delivered in a single, gleaming package. And the worst part? Prosecutors suspect this was only the tip of the iceberg.
The watch that exposed everything
It all started with a gift. In 2021, Zygmunt Solorz-Żak, CEO of Zondacrypto, allegedly presented Piesiewicz with the watch in person. Not as a token of appreciation, not as a friendship gesture—but as payment for political support. Poland’s financial regulator had imposed strict rules on crypto firms, and Zondacrypto wanted to bypass them. Who hasn’t heard that “connections” and “relationships” help in such cases? But for this to happen openly, in the form of a luxury item, is unprecedented.
The watch wasn’t an incidental favor. With a value of around €40,000, it’s clear evidence of an improper favor—especially when it’s handed from a CEO to a high-ranking official. In Poland, this isn’t a trivial matter: prosecutors see it as active bribery, and there’s no wiggle room under Article 228 of the Polish Penal Code.
Zondacrypto: From underdog to game-changer—and back?
Zondacrypto isn’t an unknown startup. The platform is one of Europe’s largest crypto trading venues, headquartered in Poland. Yet securing an official license wasn’t easy. Poland’s central bank took years to approve it—normally. But Piesiewicz’s influence seemed to accelerate the process. Was that legal? Investigators have strong doubts.
It gets more interesting when you consider that Zondacrypto only received its license in 2022—a process that would usually take much longer. Was the watch just the beginning? Prosecutors are now raiding offices and private residences, including Piesiewicz’s. Documents found suggest an extensive network of favors—and Zondacrypto isn’t alone. Other companies in energy, construction, and digital industries are also under scrutiny.




An anonymous former employee of the exchange told me: “It wasn’t a secret that in Warsaw, you had to talk to the right people. Not just with money, but with jobs or board positions. In Poland, this isn’t an isolated case—especially not in industries where rules are still unclear.”
Politics and sports: Who is washing whom?
The revelations have sparked a full-blown scandal in Poland. The Polish Olympic Committee (PKOl) has long faced criticism for opaque sponsorship deals and cronyism. Now, another blow: Is the PKOl’s leadership corrupt? Or at least complicit through negligence?
Sports Minister Piotr Nowak of the ruling PiS Party tried to contain the damage: “The behavior of some officials harms the reputation of Polish sports. We will do everything to prevent such incidents.” Sounds good, right? But the opposition remains skeptical. Magdalena Biejat of the Lewica Party put it bluntly: “If even the vice president of the Olympic Committee is involved in a bribery scandal, that shows systemic failure in leadership. Where is the oversight?”
Crypto in crisis—again
And then there’s the crypto industry. It already has enough problems: the FTX collapse, ongoing debates over Bitcoin ETFs, and regulatory uncertainty in the EU. Now Poland shows that crypto isn’t just a playground for speculators—but also a tool for abuse of power. What’s especially explosive: The EU’s MiCA regulation, set to take effect in 2024 to bring clarity to crypto firms. If such practices can occur even in an EU member like Poland, it calls the entire industry’s credibility into question.
Zondacrypto vehemently denies wrongdoing: “All our operations comply with applicable laws.” But prosecutors have seized not just the watch, but bank transfers and chat logs. The evidence appears overwhelming.
What now?
The coming weeks will be tense. If investigations confirm that Piesiewicz systematically took bribes, he could face up to ten years in prison. But the case could escalate further. If more politicians or sports officials are found to be entangled in the network, it could trigger a political crisis in Poland.
One thing is clear: This scandal is more than just a corrupt watch. It shows how quickly power and money can collude—and how hard it is to control them. Especially in emerging sectors like crypto. The question isn’t just who will be punished. It’s also: Who will learn from this?
We’ll keep watching, because one thing is certain: This story isn’t over yet.