Here’s what happened and what you need to know:
Who’s Involved?
- Brendan Gunn, brother of viral Australian breakdancer Rachael “Raygun” Gunn, has been charged by Australian authorities.
- The Australian Securities and Investments Commission (ASIC) accuses him of handling illegal money tied to a cryptocurrency scheme.
What Did He Do?
- Gunn allegedly managed $113,000 from three investors through bank cheques meant for cryptocurrency exchanges.
- He used accounts under his company, Mormarkets Pty Ltd, to move funds, even after banks repeatedly flagged the accounts for fraud.
- ASIC claims banks warned him about suspicious activity, but he continued operating the accounts.
Legal Consequences
- Gunn appeared in court on March 4 and will return on April 29.
- If convicted, he faces up to 3 years in prison, a $23,814 fine, or both.
Why This Matters
- ASIC Chair Joe Longo stated the agency is prioritizing scam prevention and working with global law enforcement to protect consumers.
- This case is part of Australia’s broader crackdown on crypto-related crimes.
Australia’s Crypto Crackdown
- Recent actions by regulators include:
- Investigating Bit Trade (Kraken’s Australian branch) for unapproved financial products.
- Prosecuting John Bigatton, a promoter of the collapsed BitConnect Ponzi scheme.
- Starting in 2025, Australia’s anti-money laundering agency (AUSTRAC) will focus on crypto ATMs suspected of illegal activity.
Quick Note on Rachael “Raygun” Gunn
- Brendan’s sister gained fame for a viral breakdancing routine at the 2024 Olympic qualifiers. She later withdrew from the competition.
Stay informed: Scams involving cryptocurrency are on the rise. Always research before investing!
