This T-shirt appeared for sale on 10 February.
The Olympic Charter (7.4) states:
The Olympic symbol, flag, motto, anthem, identifications (including but not limited to “Olympic Games” and “Games of the Olympiad”), designations, emblems, flame and torches, as defined in Rules 8-14 below, may, for convenience, be collectively or individually referred to as “Olympic properties”. All rights to any and all Olympic properties, as well as all rights to the use thereof, belong exclusively to the IOC, including but not limited to the use for any profit-making, commercial or advertising purposes. The IOC may license all or part of its rights on terms and conditions set forth
The vibrancy of social media offers a very strong challenge to virtual ownership of images and their transformation.
The Opening Ceremony symbol problem took people back to some street art first seen in Bristol in 2011. The serendipity is that the same ring is involved.
The Pure Evil Gallery prodused this image on Instagram: