Raygun’s brother faces crypto fraud charges

Brendan Gunn, the brother of Australian Olympian breakdancer Rachael "Raygun" Gunn, has been charged by the Australian Securities and Investments Commission (ASIC) for allegedly dealing with money suspected to be proceeds of crime.

The charges relate to his role as director of Mormarkets Pty Ltd, a company involved in converting fiat to cryptocurrency and other investments.

ASIC alleges that Gunn handled two bank cheques totaling $181,000 from three investors who deposited funds for cryptocurrency conversion.

Despite repeated bank account closures due to scam concerns, Gunn continued to open new accounts to facilitate these transactions.

Gunn appeared in a local court on March 4 and is scheduled to return on April 29.

If convicted, he faces up to three years in prison, a fine of $37,800, or both.

"ASIC continues to prioritise scam prevention and detection activity to protect consumers. We will continue to partner with international law enforcement organisations and investigate and take action where we see misconduct," stated ASIC Chair Joe Longo, emphasising the regulator's commitment to scam prevention.

This case highlights increased regulatory scrutiny of the cryptocurrency sector in Australia.

Recently, the Australian Transaction Reports and Analysis Center (AUSTRAC) took action against several crypto exchanges and remittance service providers for potential compliance issues.

Rachael "Raygun" Gunn gained fame for her breakdancing performance at the 2024 Olympics, though her brother's legal issues are unrelated to her Olympic endeavors.