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Is the use of the Olympic rings on unauthorized medals infringing?
is a typical trademark infringement.

The Olympic five-ring symbol is a kind of Olympic symbol right. According to Article 2 of the Regulations on the Protection of Olympic Symbols, it also includes seven kinds of symbols: the Olympic flag of the International Olympic Committee, the Olympic motto, the Olympic emblem, the Olympic anthem, the Olympic Games, Olympia and its abbreviations. Without the authorization of the IOC, no organization or individual may use the above signs.

after the color change, it belongs to an approximate trademark, and the black and white manuscript is exactly the same.

You not only used the symbol of the Olympic rings, but also used the proper name "Olympic", which is undoubtedly a double infringement.