Public filings reveal a $3B crypto trader who still lives with his mom

A 25-year-old crypto investor who traded practically $2 billion (3 billion Australian {dollars}) value of crypto in 2021 ran his crypto empire from the consolation of his mum or dad’s house in Sydney, Australia, in accordance with public data.

The younger gun in query, Darren Nguyen, has not spoken concerning the achievement of his small buying and selling enterprise, PO Street Capital, however a Jan. 2 article in The Australian highlighted it through public filings.

Registered at his mum or dad’s home in Guildford, Sydney, Nguyen’s crypto enterprise took house AU$10.41 million in after-tax revenue for the fiscal yr ended June 30, 2021, in accordance with filings from the Australian Securities and Investments Commission (ASIC).

This got here from a whole of AU$2.98 billion value of crypto buying and selling over the 12-month interval.

It was a big enhance from Nguyen’s earlier yr’s takings, which totaled round AU$692,182 in 2020.

PO Street Capital’s auditors wrote that the outcomes present his web revenue elevated by 1,404.12% in 2021, in comparison with the earlier yr.

According to the filings, PO Street Capital had AU$4.3 million value of short-term provisions in June 2021, alongside an AU$1.3 million mortgage it was paying again to Nguyen, however had no different money owed on its books.

Nguyen additionally acquired AU$873,200 in dividends from the earnings of that yr.

The report from The Australian prompt this means that PO Street Capital was self-funded to conduct such a excessive quantity of trades at AU$3 billion, although the publication didn’t add leveraged buying and selling into the equation, which is more likely to have been a huge contributor to the inflated buying and selling volumes.

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The household has saved silent concerning the crypto buying and selling enterprise run by Nguyen, with hismother declining to touch upon what she knew concerning the buying and selling exercise that occurred below her roof.

Meanwhile, Nguyen has saved his lips sealed concerning the enterprise too, together with his buying and selling methods and the way PO Street Capital carried out for the final monetary yr, which ended on June 30.

Notably, PO Street Capital’s huge uptick in efficiency in 2021 coincided with a meteoric rise in crypto costs between July 1, 2020, and June 30, 2021. For instance, Bitcoin (BTC) and Ether (ETH) boomed 296% and 865% apiece throughout that time-frame, as per CoinGecko information.

However, with the markets down since then, it’s unclear how that has impacted Nguyen and PO Street Capital.