Crypto Investor Traded $2 Billion From Parents’ Suburban Home

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Darren Nguyen, 25,’s crypto business is based in his parents’ suburban home, according to The Australian. Filings reported by The Australian show that it managed to trade $2 billion worth of crypto in the fiscal year ending June 2021. The firm made an after-tax profit of $7 million as the crypto exploded in 2021. LoadingSomething is loading.

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A 25-year-old man traded $2 billion worth of crypto despite living with his parents, according to public records cited by The Australian.

Darren Nguyen’s crypto trading business, PO Street Capital, is registered at his parents’ house in suburban Sydney, Australia. The company made about $7 million in after-tax profits for the financial year ending June 2021, according to the documents, which were filed with the Australian Securities and Investment Commission.

Documents filed by ASIC show that PO Street Capital’s net profit rose more than 1,400% from a year earlier, when the company posted profits of around $460,000.

Nguyen’s transactions coincided with a crypto boom in 2021. During this fiscal year, Bitcoin’s value more than tripled, while Ethereum, the second-largest cryptocurrency, grew by 865%.

However, crypto news outlet, Cointelegraph, points out that Nguyen was likely only able to trade at such high volume due to leverage. This would involve borrowing funds from a broker to trade at levels higher than their cash balance, which carries higher risk.

Nguyen and her mother had no comment to The Australian and could not be reached by Insider.

PO Street Capital’s 2021 filings were filed in late 2022, but it’s unclear how the company has fared since crypto prices plummeted over the past year.

The market suffered due to a series of factors, including the bankruptcy of FTX and the subsequent arrest of its founder, Sam Bankman-Fried. This episode has prompted officials around the world to talk about tighter regulation of cryptocurrencies and other digital assets.

Even before the collapse of FTX, however, the crypto market was on shaky ground, with asset prices falling amid declining investor sentiment.

Bitcoin reached an all-time high of $69,000 in November 2021, but is currently hovering around $16,600. Although, since PO Street Capital was first registered in June 2018, Bitcoin is still up around 118% as of Tuesday morning.

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