25-year-old Darren Nguyen's crypto business is based at his parents' suburban home, per The Australian.
Filings reported by The Australian show it managed to trade $2 billion worth of crypto in the fiscal year ending June 2021.go to www.BusinessInsider.co.zaA 25-year-old traded $2 billion of crypto despite living with his parents, according to public records cited byDarren Nguyen's crypto trading business, PO Street Capital, is registered at his parents' house in the suburbs of Sydney, Australia.
The filings from the ASIC show that PO Street Capital's net profit increased by over 1,400% from the previous year, when the firm made profits of around $460,000. Nguyen's trades coincided with a crypto boom in 2021. Over that fiscal year, Bitcoin's value more than tripled, while Ethereum, the second largest cryptocurrency, went up 865%. points out that Nguyen was likely able to trade at such a high volume only thanks to leverage. That would involve borrowing funds from a broker to trade at higher levels than one's cash balance, which carries a higher risk.
BISouthAfrica
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