Australian financial regulators allege that Brendan Gunn handled funds suspected of being proceeds from criminal activities involving "victim investors" who deposited money for cryptocurrency conversion.

Olympic Athlete’s Brother Accused of Money Laundering in Crypto Scheme

The Australian Securities and Investments Commission (ASIC) has charged Brendan Gunn, the brother of Olympic breakdancer Rachael Gunn, for allegedly engaging in financial transactions linked to potential criminal proceeds. Gunn was operating a fiat-to-crypto conversion company and is now facing legal consequences.

In an official statement released on March 5, ASIC announced that Gunn has been charged with one count of dealing with funds suspected to be proceeds of crime.

“Gunn allegedly processed two bank cheques totaling $181,000, originating from four separate investment transactions made by three victim investors who had deposited funds for conversion into cryptocurrency,” ASIC stated.

Rachael Gunn – From Olympic Fame to a Family Scandal

Rachael Gunn, widely known as "Raygun", gained internet fame for her breakdancing performances at the 2024 Olympics. One of her standout moments was mimicking a kangaroo during her routine, which quickly went viral.

Despite being eliminated early and losing all three of her matches, her brother praised her performance. However, now Brendan Gunn finds himself in the spotlight for an entirely different reason—a crypto-related criminal case.

ASIC: Gunn Ignored Multiple Warnings About Fraud Risks

According to ASIC, Gunn was the director of Mormarkets, a company that facilitated deposits for cryptocurrency conversion.

The regulator alleges that Gunn repeatedly opened new bank accounts under Mormarkets' name to continue accepting and transferring deposits despite multiple account closures due to fraud concerns. ASIC further stated that Gunn was made aware of these concerns but continued his operations regardless.

Gunn Faces Prison Time and a Hefty Fine

Brendan Gunn appeared in local court on March 4, with his next hearing scheduled for April 29. If convicted, he faces a maximum sentence of three years in prison, a fine of $37,800, or both.

ASIC Chairman Joe Longo emphasized that the regulator remains committed to detecting and preventing fraud in financial services and cryptocurrency markets.

No public statements have been issued by Gunn’s legal team regarding the case.

Australian Authorities Tighten Crypto Regulations

This case emerges at a time when Australian regulatory bodies are intensifying their oversight of the crypto sector.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) recently took action against 13 remittance service providers and crypto exchanges in February. Additionally, more than 50 other entities are currently under investigation for potential compliance breaches.

In December 2024, AUSTRAC CEO Brendan Thomas stated that the regulator is shifting its focus toward the cryptocurrency industry for 2025, particularly targeting crypto ATM providers suspected of violating anti-money laundering laws.

Moreover, ASIC issued a consultation paper in December, proposing that most digital assets be classified as financial products, which would require crypto businesses to obtain proper licensing to operate legally.


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