Brother of Australian Olympic Breakdancer ‘Raygun’ Charged With Crypto Fraud

Australian Olympic breakdancer Rachel "Raygun" Gunn was previously best known for hopping like a kangaroo at the 2024 Olympics. But now her name is being linked with her brother, Brendan Gunn, who stands accused of committing crypto fraud.

The Australian finance regulator says Brendan Gunn was charged with one count of dealing with money that could be reasonably suspected to be the proceeds of crime.

The Securities and Investments Commission said, in a March 5 statement, that "Mr. Gunn dealt with two bank cheques, which contained the proceeds of four investment amounts totaling $181,000 made by three victim investors who deposited funds for conversion to cryptocurrency."

As director of Mormarkets, a company that accepted deposits for conversion to crypto, the ASIC says Gunn was in a position to access these funds.

The regulator said: “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."

While Gunn was in local court on March 4, he is set to return on April 29. During that proceeding, he could be facing a sentence of three years in prison, a fine of $37,800—or both.

This public case comes as the ASIC Chair Joe Longo says the regulator "continues to prioritize scam prevention and detection activity." This is following a countrywide focus shift towards the crypto industry.

This also comes following a warning by ASIC that crypto crimes are ongoing despite a drop this time last year.

More recently, in a UK report related to a six-figure "pig butchering" scam, it was found that crypto crime revenue was up 40% in 2024.

Gunn lawyers had not shared any more information with Decrypt as of press time time.

Edited by Stacy Elliott.