Rachael Gunn, also known as Raygun made headlines for her energetic performances. But now her brother Brendan Gunn is making the news for a completely different reason.
Brendan Gunn, the brother of Olympian breaker Rachael Gunn, has been charged by Australia’s financial watchdog. He allegedly dealt with money suspected to be crime proceeds. He was running a fiat-to-crypto conversion company.
According to a March 5 statement from the Australian Securities and Investments Commission, Gunn was charged with one count of dealing with money that could be reasonably suspected to be the proceeds of crime.
“It is alleged that Mr Gunn dealt with two bank cheques, which contained the proceeds of four investment amounts totalling $181,000 made by three victim investors who deposited funds for conversion to cryptocurrency,” the Australian Securities and Investments Commission (ASIC) announced.
Rachael Gunn, also known by her stage name “Raygun,” went viral for her breakdance performances at the 2024 Olympics. One of her moves featured her hopping like a kangaroo.
Losing all three of her battles at the games, she bombed out of the competition. Her brother still gave the performance great compliments though.
In its statement, ASIC claimed Brendan Gunn was a director of Mormarkets, a business taking deposits for cryptocurrency conversion.
“On behalf of Mormarkets, Mr Gunn sought to open a series of bank accounts on an ongoing basis to receive and transfer deposits, despite bank accounts being repeatedly closed due to concerns about scams and Mr Gunn being informed of these concerns,” ASIC said.
On March 4 Gunn appeared before a local court and is set to return on April 29. If found guilty, Gunn could go to jail for three years, pay a fine of $37,800, or face both penalties.
ASIC Chair Joe Longo said that the regulator “continues to prioritize scam prevention and detection activity”. It will act whenever needed.
Information for Gunn’s lawyers was not immediately available.
It comes as the country’s regulators have announced plans to shift their focus to the cryptocurrency industry.
In February, Australia’s Anti-Money Laundering regulator, the Australian Transaction Reports and Analysis Centre, took action against 13 remittance service providers and cryptocurrency exchanges, with over 50 others still under investigation for potential compliance issues.
AUSTRAC CEO Brendan Thomas stated in December last year that the Anti-Money Laundering regulator would shift its focus to the cryptocurrency industry in 2025, following a crackdown on crypto ATM providers who may be violating Anti-Money Laundering laws.
In December, ASIC released a consultation paper on proposed crypto guidance, classifying many digital assets as financial products and requiring crypto firms to be licensed.
This case isn’t just about one person it shows how crypto is under a legal microscope worldwide. While cryptocurrency itself isn’t bad, it’s clear that governments won’t tolerate shady transactions. So, if you’re into crypto, always ensure your investments are legit!
