Brendan Gunn, brother of Australian breakdancer Rachael 'Raygun' Gunn, has been charged by the Australian Securities and Investments Commission (ASIC) for involvement in a crypto-linked fraud scheme.

He faces allegations of mishandling over $100,000 in funds linked to criminal activities, specifically dealing with money suspected to be proceeds of crime.

The ASIC claims that Gunn accepted two blank cheques from three investors, totaling A$181,000 (approximately $113,000), who sought to convert their funds into cryptocurrency.

As the director of Mormarkets Pty Ltd, a firm facilitating cryptocurrency investments, Gunn had previously faced account closures due to scam concerns.

Despite these issues, he allegedly sought to open multiple bank accounts to manage deposits from investors.

Gunn appeared in Downing Centre Local Court on March 4, 2025, where he was informed that he could face a maximum penalty of three years in prison or a fine of $37,800 if convicted.

He is scheduled to return to court on April 29, 2025, with prosecution led by the Commonwealth Director of Public Prosecutions following an ASIC investigation.

This case is part of a broader regulatory focus in Australia on the cryptocurrency industry, as AUSTRAC intensifies scrutiny in line with its 2025 strategy.

ASIC Chairman Joe Longo has emphasized the agency's commitment to preventing scams and protecting consumers, highlighting ongoing international cooperation against misconduct.

Rachael 'Raygun' Gunn gained fame for her breakdancing performance at the 2024 Paris Olympic Games, which marked the sport's debut at the Olympics.

Following her Olympic performance, Brendan publicly expressed pride in Raygun's achievements on social media.

In December 2024, AUSTRAC indicated a shift in focus towards cryptocurrency, particularly targeting crypto ATM providers for possible violations of Anti-Money Laundering laws.