Director YOLO'd $4M of Netflix budget into Dogecoin, made $27M: Report

    2023.11.23 | exchangesranking | 109onlookers

    The director of Netflix’s sci-fi series Conquest reportedly used $4 million from the show’s budget to bet on Dogecoin (DOGE) and made $27 million in the process.

    Now the director, Carl Erik Rinsch, wants another $14 million from Netflix, according to a Nov. 22 report in The New York Times citing a confidential arbitration proceeding.

    The Times report details the behind-the-scenes drama of Rinsch’s sci-fi Netflix series Conquest, which the streaming giant doled out $55 million to make, but is yet to receive an episode.

    In March 2020, 16 months after Netflix bought Rinsch’s idea and provided him with an initial budget of $44 million, the director asked for more funds. Netflix obliged and wired him $11 million on the condition he finished the show.

    According to financial statements obtained by the Times Rinsch used $10.5 million from the fresh funding to gamble on the stock market and allegedly lost nearly $6 million in just a few weeks by placing options bets on pharmaceutical companies and the S&P 500,

    With a little over $4 million left, Rinsch transferred the money to the crypto exchange Kraken and went all in on DOGE. When he liquidated in May 2021, he withdrew around $27 million, per an account statement seen by the Times

    “Thank you and god bless crypto,” Rinsch wrote in a chat with a Kraken representative.

    With the proceeds, Rinsch allegedly spent nearly $9 million on high-end furniture, designer clothing, an over $380,000 luxury watch, five Rolls-Royces and a Ferrari, according to a forensic accountant hired by Rinsch’s ex-wife for divorce proceedings.

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    The Times said Rinsch launched a confidential arbitration proceeding against Netflix, claiming the streaming service breached its contract and owes him $14 million in damages. Netflix denies owing Rinsch anything and hasreferred to his demands as a shakedown.

    A scene from 47 Ronin, Rinsch's breakout 2013 film starring Keanu Reeves. Source: Universal Pictures

    In a deposition, Rinsch said the items in his almost $9 million spending spree were props for Conquest. He later argued in his case against Netflix that the money was actually his and he’s owed another $14 million.

    A ruling on the case is expected soon as it was heard before an arbitrator earlier in November.

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