Brendan Gunn, Brother of Olympic Breakdancer, Arrested for Crypto Fraud
Brother of Olympic Breakdancer Arrested in Crypto Scheme
Brendan Gunn, the brother of Australian Olympic breakdancer Rachael “Raygun” Gunn, has been arrested for his alleged involvement in a cryptocurrency scheme that defrauded investors of over $100,000. Authorities claim that Gunn, as director of Mormarkets Pty Ltd, processed bank cheques totaling AUD 181,000 from three investors under the pretense of converting their funds into cryptocurrency.
Allegations and Legal Charges
According to the Australian Securities and Investments Commission (ASIC), Gunn knowingly facilitated fraudulent transactions between March and May 2020. Despite multiple warnings from banks regarding suspicious activity, he continued to open new accounts to receive deposits after previous accounts were shut down due to scam concerns.
If convicted, Gunn faces a maximum penalty of three years in prison and a fine of AUD 37,800. He appeared in Downing Centre Local Court on March 4, 2025, with his next court hearing scheduled for April 29, 2025.
ASIC’s Crackdown on Crypto Fraud
The Australian financial regulator has intensified its crackdown on cryptocurrency-related scams, emphasizing consumer protection and international cooperation. ASIC Chair Joe Longo stated:
“ASIC continues to prioritize scam prevention and detection activity to protect consumers. We will continue to partner with international law enforcement organizations and investigate and take action where we see misconduct.”
Rachael Gunn’s Position
Despite her brother’s legal troubles, Rachael Gunn, who gained international recognition as an Olympic breakdancer at the Paris 2024 Games, is not implicated in the case. She continues to receive public support from her family and remains focused on her career.
The Bigger Picture Crypto Fraud and Investor Awareness
This case highlights the ongoing risks associated with cryptocurrency investments. Investors are urged to:
- Verify Platforms: Ensure that crypto exchanges and investment firms are registered with regulatory bodies.
- Watch for Red Flags: Be cautious of schemes promising guaranteed returns.
- Use Reputable Services: Stick to established, regulated platforms for buying and trading cryptocurrency.
As Australia and other nations tighten regulations on digital assets, cases like Gunn’s serve as reminders of the need for greater due diligence in the evolving crypto landscape.
