Olympic viral star Raygun’s brother faces court after admitting role in $180,000 crypto scam targeting investors

Brendan Gunn, the brother of viral Olympic breakdancing star Rachael Gunn, also known as Raygun, has admitted his role in a major online cryptocurrency scam that cost investors more than $180,000. The case came to light after Gunn appeared in Sydney’s Downing Centre Local Court, where he pleaded guilty to dealing with money suspected to be the proceeds of crime.Court documents show that Brendan Gunn was linked to a financial services company called Mormarkets. In March 2020, he received two bank cheques worth a total of $181,000. These cheques were issued by the Commonwealth Bank and came from three separate investors. The money was meant to be converted into cryptocurrency. Instead, it was sent into Mormarkets bank accounts.According to the agreed facts presented in court, the investors were brought into the scheme through online ads and investment offers that claimed support from celebrities. While the marketing side of the scam was handled by others, Gunn’s role placed him at the center of how the money moved. This admission has now drawn public attention, partly because of his sister’s global fame after the Paris Olympics.

Brendan Gunn admits banking role in scam linked to cryptocurrency investments

The court heard that Brendan Gunn, now 42, was responsible for opening and managing bank accounts for Mormarkets. His main job was to receive investor deposits and move funds as needed. Prosecutors stated that he did not create the ads or speak directly to investors. He is also not accused of knowing exactly what promises were made to victims.However, Gunn ran into problems when banks started freezing and closing accounts. These actions were taken due to concerns about possible fraud. In one email shown in court, Gunn warned a colleague, saying, “As soon as the banks figure out we are a cryptocurrency broker, they will shut down the accounts.” He also admitted, “I tried to open with over 25 banks but my error was telling them what we actually did for business.”By February 2020, Gunn told coworkers that more than $1.6 million was stuck in frozen Commonwealth Bank accounts. On Tuesday, he formally pleaded guilty to handling more than $100,000 in suspected crime proceeds. Because the case remains in the Local Court, the maximum penalty he faces is one year in prison, a $12,600 fine, or both. Gunn, who is from Queensland, will return to court on February 10, with sentencing expected later this year.His sister, Rachael Gunn, became famous during the 2024 Paris Olympics after representing Australia in breakdancing. Though she scored zero points, her unique moves made her a global viral figure. Since then, she has appeared with stars like Boy George and Richard Branson and was praised by singer Adele during a concert.