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, though an article from The Australian on Jan. 2 has instead highlighted such via public filings.
Registered at his parent's house in Guildford, Sydney, Nguyen's crypto business took home 10.41 million AUD in after-tax profit in the fiscal year ended Jun. 30, 2021, according to filings from the Australian Securities and Investments Commission (ASIC).
This came from a total of $2.98 billion AUD worth of crypto trading over the 12-month period.
It was a huge increase from Nguyen's previous year's takings, which totaled around 692,182 AUD in 2020.
PO Street Capital's auditors wrote that the results show his net profit increased approximately 1404.12% in 2021 compared to the previous year.
According to the filings, PO Street Capital made 4.3 million AUD worth of short term provisions in June 2021, alongside a 1.3 million AUD loan it was paying back Nguyen, but had no other debts on its books.
Nguyen also received 873,200 AUD 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 $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.
Related: Models and fundamentals: Where will Bitcoin price go in 2023?
The family has kept silent about the crypto trading business run by Nguyen, with Nguyen's 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 ending on Jun. 30, 2022.
Notably, PO Street Capital's massive uptick in performance in 2021 coincided with a meteoric rise in crypto prices between Jul. 1, 2020, and Jun. 30 2021. For example, Bitcoin (BTC) and Ether (ETH) boomed 296% and 865% apiece during that time frame, as per CoinGecko data.
However, with the markets down since then, it is unclear how that has impacted Nguyen and PO Street Capital.
Source: Cointelegraph.com
No comments:
Post a Comment