Public filings reveal a $3 billion crypto trader still living with his mother

A 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, according to public records.

The young gunslinger in question, Darren Nguyen, has not spoken about the success of his small business PO Street Capital, although a Jan. 2 article in The Australian highlighted it via public filings instead.

Registered at his parents’ home in Guildford, Sydney, Nguyen’s cryptocurrency business brought home AUD10.41 million in after-tax profits in the fiscal year ended June 30, 2021, according to filings from the Australian Securities and Investments Commission (ASIC).

This was from a total of $2.98 billion AUD of cryptocurrency trading over the 12-month period.

It was a huge increase from Nguyen’s previous year’s takings, which totaled approximately AUD692,182 in 2020.

PO Street Capital’s reviewers wrote that the results show its net income increased approximately 1404.12% in 2021 compared to a year earlier.

According to the documents, PO Street Capital made AUD 4.3 million worth of short-term provisions in June 2021, along with an AUD 1.3 million loan it was repaying to Nguyen, but it had no other debt on the its accounting books.

Nguyen also received AUD873,200 in dividends from that year’s profits.

The Australian’s report suggested that this indicates PO Street Capital was self-funded to conduct such a large amount of trading at $3 billion, although the publication did not add leveraged trading into the equation, which is likely to be been a huge contributor to inflated trading volumes.

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The family has kept quiet about the cryptocurrency trading business run by Nguyen, with Nguyen’s mother refusing to comment on what she knew about the trading activity that took place under her roof.

Meanwhile, Nguyen has also kept his lips sealed on the business, including his trading strategies and the performance of PO Street Capital in its most recent financial year that ended June 30, 2022.

Notably, PO Street Capital’s massive performance surge 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 by 296% and 865%. each during that time frame, according to data from CoinGecko.

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