Polish Olympic Leader Detained in Crypto Fraud Probe

Polish Olympic Committee President Radosław Piesiewicz has been detained in connection with a fraud probe related to the collapse of cryptocurrency platform Zondacrypto.

The firm, which served as primary sponsor for Poland's Olympic team, collapsed in April after its chief executive Przemysław Kral allegedly fled abroad.

Prosecutors estimate that clients lost at least $94 million. Piesiewicz is accused of using his influence to intervene on behalf of Zondacrypto with UOKiK, Poland's consumer protection authority, in exchange for lavish gifts from Kral, including a luxury watch valued at $46,605.

Piesiewicz denied the allegations, claiming he purchased the watch with his own funds and that Kral assisted in facilitating the transaction.