Brother of Viral Olympic Breakdancer Admits Cryptocurrency Scam Error
The sibling of internet sensation and Olympic breakdancer Raygun has confessed to making a critical mistake while involved in a cryptocurrency investment scheme that defrauded investors of more than $180,000. Brendan Gunn, who served as director of the financial services firm Mormarkets, acknowledged his error during legal proceedings at Sydney's Downing Centre Local Court.
Details of the Cryptocurrency Investment Fraud
According to agreed facts presented in court, Gunn received two Commonwealth Bank cheques totalling $181,000 in March 2020. These funds represented deposits from three victim investors who believed they were converting their money into cryptocurrency. Instead, the money was funnelled directly into Mormarkets accounts, completely bypassing the promised cryptocurrency conversion process.
The investment scheme primarily attracted victims through online platforms that allegedly featured celebrity endorsements. While Gunn is not accused of having any knowledge about the marketing tactics or representations made by so-called account managers, he played a crucial role in the operation's infrastructure. The statement of agreed facts confirmed that the 42-year-old Queenslander was responsible for opening and maintaining bank accounts designed to receive and transfer deposits for the company.
Banking Difficulties and Revealing Email Correspondence
Gunn encountered significant operational challenges when financial institutions repeatedly paused and closed the company's accounts due to concerns about fraudulent activity. In a revealing email to a colleague, he wrote: 'As soon as the banks figure out we are a cryptocurrency broker, they will shut down the accounts. I tried to open with over 25 banks but my error was telling them what we actually did for business.'
This admission highlights the deliberate concealment attempts made regarding the company's true operations. The banking difficulties escalated in February 2020 when Gunn informed colleagues that Commonwealth Bank had frozen accounts containing more than $1.6 million.
Court Proceedings and Potential Penalties
On Tuesday, Brendan Gunn pleaded guilty to dealing with more than $100,000 in suspected proceeds of crime. The matter will remain in the Local Court, where he faces a maximum penalty of one year imprisonment, a fine of $12,600, or both. The defendant is scheduled to return to court on February 10, with sentencing expected later this year.
It's important to note that while Gunn handled the funds, he is not alleged to have participated in the marketing aspects of the scheme or to have had contact with victims after their funds were transferred. The so-called account managers reportedly severed communication with investors immediately following the transfer of money.
Family Connection to Olympic Celebrity
Brendan Gunn's sister, Rachael Gunn, performs under the stage name Raygun and represented Australia in breakdancing at the 2024 Paris Olympics. The then-26-year-old athlete achieved viral fame during the Games with her unconventional performance style, which included moves mimicking a kangaroo and wriggling on the ground like a snake.
Despite receiving zero points for her three Olympic performances, Raygun became an international cult hero, inspiring Halloween costumes in subsequent years and gaining recognition from celebrities including Boy George, Richard Branson, and Adele. The musician Adele specifically praised the breakdancer during one of her concerts, further cementing Raygun's unexpected celebrity status following her Olympic appearance.
