Olympic Star’s Brother Charged in Australian Crypto Fraud Case

A recent development has shaken the Australian financial sector as authorities charge Brendan Gunn, the Olympic star’s brother, with serious crypto-related fraud. Brendan, whose sister Rachel “Raygun” Gunn is an Olympic breakdancer, faces allegations from the Australian Securities and Investments Commission (ASIC) of dealing with money linked to criminal activity. This case underscores rising concerns over cryptocurrency scams in the region.

The ASIC’s investigation found that Gunn tried to open multiple bank accounts to transfer and receive these deposits. However, banks repeatedly shut down these accounts due to scam-related concerns and warned Gunn about the issue multiple times.

Brendan Gunn appeared in court on March 4, marking the start of his legal troubles. Additionally, he has another hearing scheduled for April 29. If the court finds him guilty, he could face three years in prison, a $37,800 fine, or both, highlighting the severity of the charges.

This case notably emerges as Australian regulators intensify their focus on the cryptocurrency sector, responding to a surge in scams. At the same time, ASIC Chair Joe Longo emphasized the regulator’s commitment to prioritizing scam prevention and detection activities. Moreover, this stance reflects a broader, nationwide shift toward stricter oversight of the crypto industry, where various fraudulent schemes continue to pose significant challenges.

Similarly, internationally, the situation mirrors a disturbing trend. A recent report from the UK highlighted a significant rise in crypto crime revenue, which surged by 40% in 2024 alone. Notably, this report pointed to the notorious “pig butchering” scam, a sophisticated fraud that has siphoned off vast amounts of money from unsuspecting victims globally.