"Brother of Breakdancer Charged in Crypto Scam: ASIC Takes Action"
1min read Australian authorities have charged Brendan Gunn, the brother of renowned breakdancer Rachael "Raygun" Gunn, with allegedly dealing with proceeds of crime linked to cryptocurrency. The Australian Securities and Investments Commission (ASIC) accused Gunn of handling two bank cheques totaling $181,000, which were deposited by three investors for conversion into cryptocurrency.
Gunn, a director at Mormarkets, a company that accepted deposits for conversion to crypto, allegedly attempted to open multiple bank accounts for the firm despite repeated closures due to scam concerns. He appeared in court on March 4 and is expected to return on April 29. If convicted, Gunn faces up to three years in prison and a fine of $37,800.
ASIC Chair Joe Longo emphasized the regulator's commitment to preventing and detecting scams, stating that they will take action when necessary. This comes as Australian regulators have been shifting their focus towards the crypto industry, with the Australian Transaction Reports and Analysis Center (AUSTRAC) taking action against several remittance service providers and crypto exchanges in recent months.
In December 2024, AUSTRAC CEO Brendan Thomas announced the Anti-Money Laundering regulator's intention to prioritize the cryptocurrency industry in 2025. ASIC also released a consultation paper on proposed guidance for crypto, categorizing many digital assets as financial products and requiring firms dealing in crypto to obtain a license.
