Olympian Breakdancer Raygun’s Brother Faces Crypto Fraud Charges in Australia

TLDR

• Brendan Gunn, brother of Olympic breakdancer Rachael “Raygun” Gunn, has been charged with dealing with proceeds of crime
• He allegedly handled $181,000 from three investors who deposited funds for cryptocurrency conversion
• Gunn was director at Mormarkets, a company that converted fiat to crypto
• He faces up to three years in prison, a $37,800 fine, or both if convicted
• His case is part of Australia’s increased regulatory focus on the cryptocurrency industry

The brother of Australian Olympic breakdancer Rachael “Raygun” Gunn has been charged with dealing with money suspected to be proceeds of crime while operating a cryptocurrency conversion business.

Brendan Gunn appeared before Sydney Downing Centre Local Court on March 4, 2025, and is scheduled to return on April 29.

The Australian Securities and Investments Commission (ASIC) alleges that Gunn dealt with two bank cheques containing funds from three investors who deposited a total of $181,000 for conversion to cryptocurrency. This activity occurred between March 19 and May 15, 2020, according to the regulator.

Gunn served as a director at Mormarkets, a company that accepted deposits for conversion to cryptocurrency. ASIC claims that on behalf of Mormarkets, Gunn tried to open multiple bank accounts to receive and transfer deposits.

These accounts were repeatedly closed due to concerns about scams. ASIC alleges that Gunn was informed of these concerns but continued attempting to open new accounts.

Three Years in Prison

If convicted, Gunn faces a maximum penalty of three years in prison, a fine of $37,800, or both. The charge specifically relates to dealing with proceeds of crime of $100,000 or more.

ASIC Chair Joe Longo stated that the regulator “continues to prioritize scam prevention and detection activity” and will take action where required. Longo emphasized the Commission’s commitment to pursuing individuals who allegedly facilitate cross-border scams targeting Australian investors.

The case comes as Australian regulators have indicated plans to increase their focus on the cryptocurrency industry. This shift reflects growing concerns about potential financial crimes in the sector.

Australia’s Anti-Money Laundering regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC), recently took action against 13 remittance service providers and crypto exchanges in February. More than 50 other providers are still being investigated for possible compliance issues.

AUSTRAC CEO Brendan Thomas stated in December 2024 that the regulator was shifting its focus to the cryptocurrency industry in 2025. This change comes amid a crackdown on crypto ATM providers who might be violating Anti-Money Laundering laws.

In December, ASIC also released a consultation paper on proposed guidance for cryptocurrency. The paper categorized many digital assets as financial products, which would require firms dealing in crypto to be licensed.

Brendan Gunn’s sister, Rachael “Raygun” Gunn, gained international attention during the 2024 Paris Olympics for her breakdancing performances. One performance notably featured her hopping like a kangaroo, which went viral on social media.

Could not be prouder of my amazing sister #raygun aka Rachael Gunn who did an incredible job competing in a brand new Olympic sport representing this great country.

You will always be a winner to me

— Brendan Gunn (@BrendanGunn_) August 10, 2024

Despite losing all three of her battles at the Olympic games, her brother reportedly complimented her performance. An account on social media platform X, appearing to belong to Gunn, posted in August 2024: “Could not be prouder of my amazing sister Raygun aka Rachael Gunn who did an incredible job competing in a brand new Olympic sport representing this great country.”

The same social media account describes Gunn as having a “passion for the financial markets, technology and sports” and states he is “following the lifelong dream of being a successful entrepreneur.”

Information regarding Gunn’s legal representation was not immediately available. The case highlights the increasing regulatory scrutiny of cryptocurrency-related businesses in Australia.

The charges against Gunn specifically allege that he dealt with money that could be reasonably suspected to be the proceeds of crime. This is part of a broader effort by Australian authorities to combat financial crimes connected to cryptocurrency operations.

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