Olympic Breakdancer Raygun’s Brother Charged in Crypto Fraud Case
Brendan Gunn, implicated in a significant cryptocurrency fraud case, has been charged by the Australian Securities and Investments Commission (ASIC). Gunn, whose notable affiliation is as the brother of Australian breakdancer Rachael “Raygun” Gunn, faces serious accusations stemming from his operations within the digital currency sector. Currently, he is charged with one count of dealing with money suspected to be the proceeds of crime.
According to a March 5 statement from ASIC, Gunn allegedly managed two bank cheques totaling $113,000, funds that were transferred from three investors with the intention of converting them into cryptocurrency. As identified by the ASIC, Gunn served as the director of Mormarkets Pty Ltd, a company that facilitated transactions and investments in cryptocurrency and international markets. The regulator alleges that he repeatedly opened new bank accounts associated with Mormarkets to facilitate the receipt and transfer of funds, despite previous closures due to fraud-related warnings from banks. This persistent operation continued even after receiving advisories about the legitimacy of his dealings.
In a statement regarding the ongoing case, ASIC Chair Joe Longo emphasized the agency’s commitment to preventing scams and protecting consumers. He noted the importance of collaboration with international law enforcement to tackle misconduct associated with cryptocurrency operations.
After appearing in court on March 4, Gunn’s next appearance is set for April 29. If found guilty of the charges, he could face a maximum sentence of three years in prison, alongside potential financial penalties amounting to $23,814.
The connection to the arts does not stop at familial ties. Raygun, who garnered viral attention for her 2024 Olympic performance before ultimately withdrawing from competition, has sparked widespread engagement online, further illustrating the unpredictable intersection of fame and controversy.
This incident is part of a broader trend of increased regulatory scrutiny within the Australian cryptocurrency sector. Recently, ASIC has ramped up enforcement actions against various entities and individuals involved in cryptocurrency. This includes an investigation into Bit Trade, the operator of Kraken’s Australian exchange, for allegedly breaching financial compliance standards by providing unauthorized margin lending products.
The integrity of the cryptocurrency ecosystem in Australia is also under the watch of AUSTRAC, the anti-money laundering agency, which has expressed its intention to intensify focus on the sector in 2025. In a recent announcement, AUSTRAC CEO Brendan Thomas highlighted efforts to diminish the criminal use of digital currencies, specifically in relation to cryptocurrency ATM providers suspected of financial law violations.
Moreover, as part of its evolving regulatory framework, ASIC is conducting consultations with industry stakeholders to refine its guidelines on digital assets. The move is aimed at clarifying the applicability of existing financial laws to cryptocurrencies, seeking to bolster consumer protection and ensure compliance across the board.
This ongoing enforcement landscape highlights the critical need for transparency and accountability within the burgeoning cryptocurrency market in Australia.
