The world of entertainment has always been known for its eccentricities and unpredictability. However, the latest revelation surrounding Netflix’s sci-fi series Conquest takes things to a whole new level. According to a confidential arbitration proceeding, the director of the show, Carl Erik Rinsch, reportedly used a staggering $4 million of the show’s budget to bet on Dogecoin (DOGE). Astonishingly, Rinsch managed to turn this risky cryptocurrency gamble into a massive $27 million windfall. But now, Rinsch finds himself in the center of controversy as he seeks an additional $14 million from Netflix.
The journey of Conquest has been far from smooth. Initially, Netflix allocated an impressive $55 million budget for the series, which Rinsch eagerly accepted. However, as time went on, production delays and a demanding director started to strain the relationship between Rinsch and the streaming giant. In March 2020, Rinsch requested more funds, which Netflix provided under the condition that he completed the show. In a surprising turn of events, it was discovered that Rinsch used a substantial portion of this additional funding, approximately $10.5 million, to venture into the stock market. Unfortunately, his options bets on pharmaceutical companies and the S&P 500 quickly turned sour, resulting in losses of nearly $6 million within a few weeks.
With only a little over $4 million remaining, Rinsch made a daring decision. He transferred the remaining amount to the popular cryptocurrency exchange Kraken and went all-in on Dogecoin. This risky move would ultimately prove to be a stroke of luck, as Rinsch’s investment in DOGE soared in value. In May 2021, when Rinsch decided to cash out, he withdrew an astonishing $27 million in profits. He expressed his gratitude to the world of cryptocurrency, writing, “Thank you and god bless crypto,” in a chat conversation with a Kraken representative.
With newfound wealth in his account, Rinsch indulged in a lavish lifestyle. According to a forensic accountant hired by Rinsch’s ex-wife for divorce proceedings, he spent nearly $9 million on high-end furniture, designer clothing, an over $380,000 luxury watch, five Rolls-Royces, and even a Ferrari. Rinsch later claimed in a deposition that these extravagant purchases were props for Conquest, attempting to justify his spending spree.
Unsurprisingly, Netflix has vehemently denied owing Rinsch any additional funds, referring to his demands as a shakedown. In response, Rinsch launched a confidential arbitration proceeding against the streaming service, claiming a breach of contract and seeking $14 million in damages. He argued that the money he used for the Dogecoin investment was his own and that he is entitled to further compensation. The case was heard before an arbitrator in November, and a ruling is expected soon.
In the world of entertainment, it is not uncommon for clashes and controversies to arise. In this particular case, the director’s bold bet on Dogecoin has turned into a high-stakes battle with Netflix. Only time will tell how this drama unfolds and whether Rinsch will achieve the additional funds he seeks. Until then, the world eagerly awaits the resolution and the future of Conquest.