Netflix Director’s $4M Dogecoin Bet Ignites $27M Dispute

Netflix’s Conquest director, Carl Erik Rinsch, allegedly diverted $11 million from the show’s $55 million budget into risky stock and crypto bets, scoring big on a $4 million Dogecoin gamble when its value surged to $0.08, yielding $27 million.

Rinsch now seeks an additional $14 million from Netflix, citing a breach of contract in an ongoing confidential arbitration proceeding reported by The New York Times on November 22.

In addition, one inside story emerges: In March of 2020, Netflix gave Rinsch an additional eleven million dollars, followed by the first $ forty-four million to Conquest. Additional funds came under the condition that the play be produced and staged.

According to the records, Rinsch spent $10.5 million on stock market wagers and lost about $6 million in weeks. Nonetheless, he moved $4 million of his money to Kraken’s crypto exchange and channeled all of it directed at DOGE. In all this, he made his final cash out, totaling $27 million by May 2021.

Wild Netflix story.

In 2018, it bought a sci-fi series from director Carl Rinsch. By 2020, Netflix spent $44m on the show.

Production was floundering and Rinsch demanded $11m more. He took the funds and quickly lost ~$6m in pharma option YOLOs.

A bit later, he took $4m and… pic.twitter.com/JnvY09Op9A

— Trung Phan (@TrungTPhan) November 22, 2023

Furthermore, the windfall apparently fueled a lavish lifestyle. Rinsch purportedly spent nearly $9 million on luxury items, including high-end furniture, designer clothes, a $380,000 watch, five Rolls Royces, and a Ferrari, as revealed in divorce proceedings with his ex-wife.

Director’s $27M Dogecoin Gamble Sparks Netflix Battle

Moreover, Netflix disputes Rinsch’s claims, labeling them a “shakedown” and denying any owed amount. Rinsch, in his defense, contends that his spending spree was justified, claiming the purchases were props for Conquest.

The lawsuit brings to bear the strained relationship between the ostentatious personal expenditure of Rinsch and Netflix’s adherence to contracts. The director’s actions are clear during the arbitration – he gambled with crypto and blew the show budget. It gives hope for the new series but uncertainties with the unreleased series.

Related Reading | New Zealand Makes Waves: Debut of NZDD Stablecoin and Multi-Crypto Wallet