While living at his parent’s house in Sydney, Australia, this crypto trader took home over $7 million in profits in 2021, according to public records.
A 25-year-old crypto investor who sold nearly $2 billion (AUD$3) worth of crypto in 2021 ran his crypto empire from the comfort of his parent’s home in Sydney, Australia, records show shows.
The young gun in question, Darren Nguyen, did not talk about doing his small business, PO Street Capital, but Jan. 2 articles in the Australian made this clear through public submissions.
Registered at his parents’ home in Guildford, Sydney, Nguyen’s crypto business reported A$10.41 million in taxable profit for the year ending June 30, 2021, according to a report from the Australian Securities and Investments Commission. (ASIC). This comes from a total of A$2.98 billion in crypto transactions over the last 12 months.
This is a huge increase from Nguyen’s earnings last year, which stood at $692,182 in 2020. PO Street Capital analysts wrote that the result showed its net profit increased by 1,404.12% in 2021, compared to the previous year.
According to the filing, PO Street Capital has $4.3 million in short-term investments in June 2021, and a $1.3 million loan it is repaying to Nguyen, but no other debt on its books. Nguyen also received A$873,200 in dividends from profits this year.
The Australian report said that this shows that PO Street Capital personally paid to complete such a trade in the amount of $ 3 billion, although the publication did not add leveraged trade to the report. trading volumes. The family has been tight-lipped about the crypto-trading operation run by Nguyen, and his mother has refused to talk about what she knows about the trading activity that took place under her roof.
Meanwhile, Nguyen kept his lips on the business, including his business plan and PO Street Capital’s performance during the past fiscal year, which ended June 30. Apparently, the great performance of PO Street Capital in 2021 coincided with the meteoric increase in crypto prices between July 1, 2020, and June 30, 2021. For example, Bitcoin BTC ($16,720) and ether ETH ($1,216) climbed 296% and 865% each during this period, according to data from CoinGecko. However, as the market has fallen since then, the impact this has had on Nguyen and PO Street Capital is unclear.
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