According to public records, this crypto trader made over $7 million in profits in 2021 while living at his parent’s house in Sydney, Australia.
According to public records, a 25-year-old crypto investor traded nearly $2 billion (3 billion Australian dollars) in crypto in 2021 from the comfort of his parent’s home in Sydney, Australia.
Darren Nguyen, the young gun in question, has not spoken about the success of his small trading business, PO Street Capital, but a Jan. 2 article in The Australian highlighted it through public filings.
According to Australian Securities and Investments Commission filings, Nguyen’s crypto business earned AU$10.41 million in after-tax profit for the fiscal year ended June 30, 2021, and is registered at his parent’s home in Guildford, Sydney (ASIC).
This resulted from AU$2.98 billion in cryptocurrency trading over a 12-month period.
It was a significant increase over Nguyen’s previous year’s earnings, which were estimated to be around AU$692,182 in 2020.
PO Street Capital’s auditors reported that his net profit increased by 1,404.12% in 2021 over the previous year.
According to the filings, PO Street Capital had AU$4.3 million in short-term provisions in June 2021, along with a AU$1.3 million loan to Nguyen, but no other debts.
Nguyen also received AU$873,200 in dividends from that year’s profits.
According to The Australian, this indicates that PO Street Capital was self-funded to conduct such a large number of trades at AU$3 billion, though the publication did not account for leveraged trading, which is likely to have been a significant contributor to the inflated trading volumes.
