A 25-year-old crypto investor who traded nearly $2 billion (A$3 billion) worth of crypto in 2021 ran his crypto empire from the comfort of his parents' home in Sydney, Australia, according to public records.
The young gunman in question, Darren Nguyen, has not spoken about the success of his small business venture, PO Street Capital, but a January 2 article in The Australian highlighted through public records.
Registered at his parents' home in Guildford, Sydney, Nguyen's cryptocurrency business took home A$10.41 million in after-tax profit for the fiscal year ending June 30, 2021, according to filings. the Australian Securities and Investments Commission (ASIC).
This came from a total of A$2.98 billion in crypto trading over the 12-month period.
It was a big increase from Nguyen's previous year's earnings, which totaled around AU$692,182 in 2020.
PO Street Capital's auditors wrote that the results show that its net profit increased 1,404.12% in 2021, compared to the previous year.
According to the documents, PO Street Capital had A$4.3m worth of short-term provisions as of June 2021, along with an A$1.3m loan it was paying off to Nguyen, but had no other debts. in his books.
Nguyen also received A$873,200 in dividends from that year's earnings.
The Australian report suggested this indicates that PO Street Capital was self-funded to run such a high amount of AU$3bn deals, though the publication did not add leveraged trading into the equation, which is likely to have been a massive contributor to the inflated inflation trading volumes.
Related: Models and fundamentals: Where will the price of Bitcoin go in 2023?
The family has remained silent about the crypto trading business run by Nguyen, with his mother refusing to comment on what she knew about the trading activity occurring under his roof.
Meanwhile, Nguyen has also kept his mouth shut about the business, including its business strategies and how PO Street Capital performed over the past fiscal year, which ended June 30.
Notably, the massive increase in performance of PO Street Capital in 2021 coincided with a meteoric rise in cryptocurrency prices between July 1, 2020 and June 30, 2021. For example, Bitcoin (BTC) and ether (ETH) grew by 296% and 865% each during that time period, as for Coin Gecko data.
However, with markets down since then, it's unclear how this has affected Nguyen and PO Street Capital.
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