Olympic Breakdancer Raygun’s Brother Charged in Crypto Fraud Case

Australian authorities have charged Brendan Gunn, the brother of breakdancer Raygun, for his purported position in a crypto-related fraud scheme.

The Australian Securities and Investments Fee (ASIC) introduced that Gunn is dealing with one depend of coping with cash suspected to be the proceeds of crime.

The Alleged Unlawful Operations

In accordance with a March 5 assertion, Gunn reportedly dealt with two financial institution cheques containing $113,000 from three traders who had transferred funds for cryptocurrency conversion.

ASIC recognized Gunn as a director of Mormarkets Pty Ltd, which facilitated crypto transactions and abroad investments. The regulator claims that he repeatedly opened financial institution accounts below the corporate’s title to obtain and switch funds, regardless of a number of closures as a result of fraud issues. ASIC additionally acknowledged that banks had warned him about these points, however he continued working.

Fee Chair Joe Longo highlighted that the company “continues to prioritise rip-off prevention and detection exercise to guard customers.” He added that it will proceed collaborating with worldwide legislation enforcement organizations, investigating misconduct, and taking acceptable motion when crucial.

The accused appeared in court docket on March 4 and is scheduled to return on April 29. If convicted, he might withstand three years in jail, a tremendous of $23,814, or each.

Rachael “Raygun” Gunn is an Australian breakdancer whose 2024 Olympic efficiency went viral. Whereas she later withdrew from the competitors, her routine induced on-line dialogue and have become the topic of a number of memes.

Australian Regulators Intensify Crypto Crackdown

This isn’t the primary time ASIC has taken enforcement actions within the business. The company beforehand launched an investigation into Bit Commerce, the operator of Kraken’s Australian trade, accusing the agency of failing to satisfy monetary compliance requirements by providing an unauthorized margin lending product.

The monetary watchdog has additionally pursued authorized motion in opposition to John Bigatton, a key promoter of the BitConnect Ponzi scheme, which promised excessive returns earlier than abruptly shutting down.

This crackdown comes as Australian regulators enhance their oversight of crypto-related actions. In December, AUSTRAC CEO Brendan Thomas introduced that the anti-money laundering company would shift its focus towards the crypto sector in 2025. The initiative notably targets crypto ATM suppliers suspected of violating monetary legal guidelines.

“This is step one in AUSTRAC’s focus to scale back the prison use of cryptocurrency in Australia. We shall be specializing in this business over the course of subsequent yr,” stated the company.

In the meantime, ASIC has been engaged on refining its regulatory method to digital property. In December, it launched consultations with business stakeholders to replace its crypto tips, together with clarifying when such property fall below current monetary frameworks.