Australian (25) traded crypto worth two billion dollars from his parents’ house

A 25-year-old crypto investor who traded cryptocurrency worth nearly two billion dollars (three billion Australian dollars) in 2021 ran his crypto empire from the comfort of his parents’ home in Sydney, Australia, according to public records.

The young man in question, Darren Nguyen, did not publicly boast about the achievement of his small trading firm, PO Street Capital, but an article by the Australian media outlet The Australian drew attention on January 2.

Residing in his parents’ house in Guildford, Sydney, Nguyen’s crypto business increased the household budget by 10.41 million dollars in after-tax profit for the fiscal year ending June 30, 2021, according to submissions to the Australian Securities and Investments Commission (ASIC).

This resulted from crypto trading worth a total of 2.98 billion Australian dollars over a 12-month period. It was a massive increase compared to Nguyen’s revenue from the previous year, which was around $692,182 in 2020.

Auditors of PO Street Capital wrote that the results show his net profit increased by 1,404.12 percent in 2021 compared to the previous year.

According to submissions, PO Street Capital had short-term reserves worth $4.3 million in June 2021, along with a loan of $1.3 million that Nguyen was repaying, but the company had no other debts on its books.

Nguyen also received $873,200 in dividends from profits that year.

The report from The Australian indicates that PO Street Capital self-financed to conduct such a large amount of trading, although they did not factor in leveraged trading into the equation, which likely contributed to the inflated trading volume.

The family remained silent about the crypto trading business run by Nguyen, and his mother declined to comment on what she knew about the trading activity taking place under her roof.

Meanwhile, Nguyen did not want to disclose anything, including his trading strategies and how PO Street Capital performed for the last financial year ending June 30.

Significantly, the enormous increase in PO Street Capital’s performance in 2021 coincided with the meteoric rise in crypto prices between July 1, 2020, and June 30, 2021. For example, Bitcoin and Ethereum rose by 296 and 865 percent in that timeframe, according to CoinGecko data.

However, given that the markets have been in decline since then, it is unclear how this has affected Nguyen and PO Street Capital.