According to public records, the 25-year-old crypto investor who traded nearly $2 billion (A$3 billion) worth of cryptocurrencies in 2021 ran his crypto empire from the comfort of his parents’ home in Sydney, Australia.
The young attacker in question, Darren Nguyen, has not spoken about the achievement of his small trading firm, PO Street Capital, but a January 2 article in The Australian highlighted it via public documents.
Registered at his parents’ home in Guildford, Sydney, Nguyen’s crypto business generated AU$10.41 million in after-tax profits for the fiscal year ending June 30, 2021, according to filings with the Australian Securities and Investments Commission (ASIC).
This came from a total of AU$2.98 billion worth of crypto trading over the 12-month period.
It was a huge increase over Nguyen’s earnings the previous year, which in 2020 was around AUD$692,182.
The auditors of PO Street Capital wrote that the results show that its net profit increased by 1404.12% in 2021 compared to the previous year.
According to filings, PO Street Capital had A$4.3 million in short-term provisions as of June 2021, in addition to a A$1.3 million loan it was repaying to Nguyen, but had no other debt on its books.
Nguyen also received AU$873,200 in dividends from profits that year.
A report by The Australian suggests that this indicates that PO Street Capital was self-funded to do such a large amount of trades to the tune of AU$3 billion, although the publication did not add leveraged trading into the equation, which was likely huge. contributed to inflated trading volume.
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The family has been tight-lipped about Nguyen’s crypto-trading business, and his mother declined to comment on what she knew about the trading activity taking place under her roof.
Meanwhile, Nguyen was also tight-lipped about the business, including his trading strategies and PO Street Capital’s results for the past financial year, which ended June 30.
Notably, PO Street Capital’s massive surge in performance 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) rose 296% and 865 % each during that time frame, according to data from CoinGecko.
However, with the market falling since then, it’s unclear how this has affected Nguyen and PO Street Capital.