A 25-year-old crypto investor who traded nearly $2 billion (3 billion Australian dollars) worth of crypto in 2021 ran his crypto empire from the comfort of his parent’s home in Sydney, Australia, according to public records.
The young gun in question, Darren Nguyen, has not spoken about the achievement of his small trading business, PO Street Capital, but a Jan. 2 article in The Australian highlighted it via public filings.
Registered at his parent’s house in Guildford, Sydney, Nguyen’s crypto business took home AU$10.41 million in after-tax profit for the fiscal year ended June 30, 2021, according to filings from 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 from Nguyen’s previous year’s takings, which totaled around AU$692,182 in 2020.
PO Street Capital’s auditors wrote that the results show his net profit increased by 1,404.12% in 2021, compared to the previous year.
According to the filings, PO Street Capital had AU$4.3 million worth of short-term provisions in June 2021, alongside an AU$1.3 million loan it was paying back to Nguyen, but had no other debts on its books.
Nguyen also received AU$873,200 in dividends from the profits of that year.
The report from The Australian suggested this indicates that PO Street Capital was self-funded to conduct such a high amount of trades at AU$3 billion, though the publication didn’t add leveraged trading into the equation, which is likely to have been a massive contributor to the inflated trading volumes.
The family has kept silent about the crypto trading business run by Nguyen, with his mother declining to comment on what she knew about the trading activity that occurred under her roof.
Meanwhile, Nguyen has kept his lips sealed about the business too, including his trading strategies and how PO Street Capital performed for the last financial year, which ended on June 30.
Notably, PO Street Capital’s massive uptick in performance in 2021 coincided with a meteoric rise in crypto prices between July 1, 2020, and June 30, 2021. For example, Bitcoin (BTC) and Ether (ETH) boomed 296% and 865% apiece during that time frame, according to CoinGecko data.
However, with the markets down since then, it is unclear how that has impacted Nguyen and PO Street Capital.
Sourced from cointelegraph.com.
Written by Brian Quarmby on 2023-01-04 01:37:29.