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

The Australian Securities and Investments Commission (ASIC) announced that Gunn is facing one count of dealing with money suspected to be the proceeds of crime.

The Alleged Illegal Operations

According to a March 5 statement, Gunn reportedly handled two bank cheques containing $113,000 from three investors who had transferred funds for cryptocurrency conversion.

ASIC identified Gunn as a director of Mormarkets Pty Ltd, which facilitated crypto transactions and overseas investments. The regulator claims that he repeatedly opened bank accounts under the company’s name to receive and transfer funds, despite multiple closures due to fraud concerns. ASIC also stated that banks had warned him about these issues, but he continued operating.

Commission Chair Joe Longo highlighted that the agency “continues to prioritise scam prevention and detection activity to protect consumers.” He added that it would continue collaborating with international law enforcement organizations, investigating misconduct, and taking appropriate action when necessary.

The accused appeared in court on March 4 and is scheduled to return on April 29. If convicted, he could face up to three years in prison, a fine of $23,814, or both.

Rachael “Raygun” Gunn is an Australian breakdancer whose 2024 Olympic performance went viral. While she later withdrew from the competition, her routine caused online discussion and became the subject of several memes.

Australian Regulators Intensify Crypto Crackdown

This isn’t the first time ASIC has taken enforcement actions in the industry. The agency previously launched an investigation into Bit Trade, the operator of Kraken’s Australian exchange, accusing the firm of failing to meet financial compliance standards by offering an unauthorized margin lending product.

The financial watchdog has also pursued legal action against John Bigatton, a key promoter of the BitConnect Ponzi scheme, which promised high returns before abruptly shutting down.

This crackdown comes as Australian regulators increase their oversight of crypto-related activities. In December, AUSTRAC CEO Brendan Thomas announced that the anti-money laundering agency would shift its focus toward the crypto sector in 2025. The initiative particularly targets crypto ATM providers suspected of violating financial laws.

“This is the first step in AUSTRAC’s focus to reduce the criminal use of cryptocurrency in Australia. We will be focusing on this industry over the course of next year,” said the agency.

Meanwhile, ASIC has been working on refining its regulatory approach to digital assets. In December, it launched consultations with industry stakeholders to update its crypto guidelines, including clarifying when such assets fall under existing financial frameworks.