According to public documents, a 25-year-old cryptocurrency trader operated his crypto business from the luxury of his folks' Sydney, Australia, home in 2021, transacting approximately $2 billion (3 billion Australian dollars) worth of cryptocurrency.
Darren Nguyen, the young gun in question, has not publicly discussed the success of his modest trading company, PO Street Capital, but a Jan. 2 report in The Australian exposed it through public records.
Nguyen's cryptocurrency business, which is incorporated at his parents' residence in Guildford, Sydney, generated an after-tax profit of AU$10.41 million for the fiscal year that concluded on June 30, 2021, according to documents submitted to the Australian Securities and Investments Commission (ASIC).
This resulted from cryptocurrency trades for a total of $2.98 billion over the course of a year.
It was a significant increase over Nguyen's earnings in the prior year, which came to about AU$692,182 in 2020.
The figures reveal his net profit climbed by 1,404.12% in 2021 in comparison to the previous year, according to the accountants for PO Street Capital. In June 2021, PO Street Capital reportedly had AU$4.3 million in short-term contingencies and a AU$1.3 million loan company was repaying to Nguyen, but no additional debts were recorded on its books. In addition, Nguyen earned dividends from the year as well as profits of AU$873,200.
Although The Australian didn't factor in leveraged transactions, which is believed to have been a major factor in the overstated trading volumes, their story implied that PO Street Capital was self-funded to execute such a greater amount of transactions at AU$3 billion.
The Nguyen family has remained mute regarding the cryptocurrency trading operation that Nguyen runs, and his mother has refrained from sharing any information regarding the trading activities that took place inside of her home.
Nguyen has also kept quiet about the company, including his trading methods and the results of PO Street Capital's most recent fiscal year, which ended on June 30.
Notably, from July 1, 2020, and June 30, 2021, the price of cryptocurrencies rose dramatically, paralleling PO Street Capital's dramatically improved performance in 2021. For instance, according to data from CoinGecko, Bitcoin increased by 296% and 865% respectively throughout that time.
It is unknown how the recent decline in the markets has affected Nguyen and PO Street Capital.
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