Changing the iOS carrier name/logo is possible using external tools on your mac or on the iPhone, if the iPhone is jailbroken. There is no indication that this iPhone is related to the olympics at all. Changing the carrier logo is relatively easy.
To change the carrier to a logo using a mac on a non jailbroken iPhone, use the following tool: http://uhelios.com/downloads/.
To change the carrier on a jailbroken phone, use the tool Zeppelin. A how to can be found here: http://www.iphonehacks.com/2013/12/change-iphone-carrier-logo-ios-7-zeppelin.html.