The Polish Olympic Committee (PKOl) will terminate its sponsorship deal with Zondacrypto by April 30th if funds aren’t received, as a fraud and money laundering investigation unfolds.
PKOl Ultimatum to Zondacrypto
The President of the Polish Olympic Committee (PKOl) announced that if the next installment of funds from the cryptocurrency exchange Zondacrypto is not received by the end of April, the sponsorship agreement will be terminated. He reiterated his intention to run for another term and stated he will not resign.
PKOl President Radosław Piesiewicz stated that if funds are not received by April 30th, as stipulated in the agreement, the contract will be terminated without cost or complications for PKOl, and the Zondacrypto neon sign will be removed from PKOl headquarters.
Contact Lost, Personal Losses
Piesiewicz reported his last contact with Zondacrypto CEO Przemysław Kral was last week, during which Kral assured him everything was in order. He now states that “SMS messages are no longer going through.” Piesiewicz emphasized he acted in good faith when signing the agreement and personally invested in the exchange, losing “a lot” of money.
Fraud and Money Laundering Investigation
The Katowice Regional Prosecutor’s Office launched an investigation into Zondacrypto on April 17th, focusing on allegations of significant fraud and money laundering. The initial estimated damage was at least 350 million złoty, but investigators say the amount and the number of victims are increasing daily.
Sponsorship and Branding Impact
Zondacrypto became a general sponsor of PKOl in October, resulting in a name change for the committee’s headquarters to “zondacrypto Centrum Olimpijskie” and the installation of a large advertising neon sign on a building named after Pope John Paul II.
Olympian Prize Money at Risk
Polish Olympic athletes were due to receive 1.38 million złoty in prize money in token form for their performance at the Winter Olympics in Italy. Piesiewicz assured that athletes finishing 4th–8th have already received their compensation through other PKOl sponsors.
Regarding payment to triple medalist Kacper Tomasiak for now-worthless tokens, Piesiewicz suggested funds could come from money PKOl is seeking from Polkomtel following the termination of a sponsorship agreement in February.
No Resignation Planned, Opposition Calls for Meeting
Members of the PKOl board opposing the president are demanding an urgent meeting due to the reputational crisis. Piesiewicz currently sees no need for such a meeting and categorically rules out resigning.
Piesiewicz stated he will run for another term, emphasizing his humility, hard work, belief in apolitical sport, and successful performance within the organization, noting he has not lost any significant votes.
Sponsorship Exodus
Since Friday, numerous Polish sports clubs, including Raków Częstochowa, GKS Katowice, Pogoń Szczecin, Wieczysta Kraków, and Dziki Warszawa, have terminated their contracts with Zondacrypto. However, the exchange remains a sponsor of Lechia Gdańsk and international teams like Juventus Turin and Atalanta Bergamo.
Zondacrypto also supports cycling, including the Canyon-SRAM zondacrypto team featuring Katarzyna Niewiadoma.
Growing Number of Victims
Hundreds of individuals are currently unable to withdraw funds from their cryptocurrency deposits. The Katowice Regional Prosecutor’s Office will launch a special website with instructions for filing reports of suspected criminal activity, and hundreds of new reports are received daily.
