Brendan Gunn, the brother of Australian Olympian and breakdancer Rachael Gunn, better known as Raygun, has been sentenced to 12 months in prison in New South Wales over moving money authorities say was connected to an international cryptocurrency scam.
What happened?
Earlier this year, former finance director Brendan Gunn admitted he dealt with more than $180,000 when it was reasonable to suspect the funds were the proceeds of crime. Investigators say the money was linked to an offshore crypto investment fraud.
According to Investor Daily, Gunn served as a director of Mormarkets, which began accepting deposits from Australians for cryptocurrencies and other investments in December 2018.
Between January 2019 and May 2020, Mormarkets opened 22 bank accounts across six financial institutions. However, multiple banks warned Gunn after customers raised concerns about fraud and other suspicious activity involving money paid into those accounts.
The Australian Securities & Investments Commission says he failed to heed those warnings.
"By continuing to deal with those funds, he helped suspected international scammers move money taken from Australians," ASIC Chair Sarah Court said, per Investor Daily.
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The Local Court of New South Wales handed down the maximum 12-month sentence, but Gunn was released immediately after signing a $3,000 recognizance requiring that he not break the law for one year.
Why does it matter?
Attention around the Gunn family was already elevated because a Netflix documentary about Rachael Gunn — who notoriously earned zero points during the breakdancing competition in the 2024 Paris Games — is expected to be released soon, according to BroBible.
Crypto scams have become a major consumer-protection concern and are often difficult to unwind once the money is gone.
The case also reflects the complicated reality of the crypto industry. Digital assets and blockchain tools are not inherently fraudulent, and some projects are being developed with lower-energy systems or are tied to renewable-powered infrastructure.
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At the same time, parts of the sector remain vulnerable to abuse, and some crypto operations can carry enormous energy demands depending on how they are structured.
That mix of hype, technical complexity, and global reach can make the space especially appealing to bad actors looking to exploit people seeking quick returns or new ways to invest.
What's being done?
ASIC partners with the National Anti-Scam Centre and law enforcement agencies to disrupt those accused of helping move illicit funds through traditional banking channels.
"ASIC is committed to disrupting scams and, where possible, holding those who enable them to account. This case is another example of ASIC's broad work to combat scams, from pursuing alleged facilitators of cross-border investment scams, to taking action against institutions whose failures leave customers exposed," Court said, according to Investor Daily.
When you are investing your money, experts routinely advise verifying whether a platform is licensed, being skeptical of guaranteed returns, and avoiding pressure to transfer money quickly — especially to overseas accounts or unfamiliar crypto wallets.
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