According to a recent report, Carl Erik Rinsch, the director of the upcoming Netflix sci-fi series “Conquest,” used $4 million of the show’s $55 million budget to bet on Dogecoin cryptocurrency. The bet paid off hugely – he ended up making $27 million on that Dogecoin investment.
Rinsch had asked Netflix for an additional $11 million in funding in March 2020 to finish filming Conquest, after having already received $44 million. Netflix gave him the money on the condition he would complete the series. However, Rinsch then used $10.5 million of those funds to gamble on pharmaceutical stocks, the S&P 500, and other options. He lost nearly $6 million from those stock bets over just a few weeks.
With the $4 million he had left, Rinsch went all in on Dogecoin on the Kraken crypto exchange. When he sold in May 2021 during the height of the Dogecoin frenzy, he netted around $27 million. Rinsch then went on a spending spree with the profits, buying over $9 million worth of luxury items and cars.
Now Rinsch is engaged in a confidential arbitration battle with Netflix, claiming the streaming giant owes him $14 million in damages for breach of contract. Netflix denies owing him anything. Rinsch says the luxury items were actually props for “Conquest,” but he later argued the money was his and Netflix owes him damages. A ruling on the disputed case is expected soon.
#Dogecoin #Cryptocurrency #Netflix #Blockchain
