**Netflix Director Invests Show’s Budget in Dogecoin, Nets $27M Profit**
Carl Erik Rinsch, the director of the upcoming Netflix sci-fi series “Conquest,” has found himself at the center of controversy after allegedly using a substantial portion of the show’s budget to invest in the cryptocurrency Dogecoin (DOGE). The move reportedly resulted in a staggering profit of $27 million, sparking a dispute with the streaming giant.
**Behind-the-Scenes Turmoil**
The New York Times recently reported details of the behind-the-scenes turmoil surrounding Rinsch’s show. Despite being allocated a budget of $55 million Netflix, “Conquest” has yet to release its first episode. The article revealed that Rinsch initially received a budget of $44 million from Netflix in March 2020. However, he later requested further funds, leading to an agreement from Netflix to provide an additional $11 million under the condition that Rinsch completed the series.
**Stock Market Speculation and Cryptocurrency Investment**
Financial records obtained the NY Times uncovered Rinsch’s use of a significant portion of the additional funds in stock market speculation, resulting in losses of nearly $6 million. With just over $4 million remaining, Rinsch reportedly transferred the remaining funds to the cryptocurrency exchange Kraken and made a substantial investment in Dogecoin. In May 2021, he is said to have cashed out around $27 million after liquidating his Dogecoin holdings.
**Spending Spree and Legal Dispute**
Following his windfall, Rinsch allegedly splurged a substantial portion of his profits on lavish purchases, including luxury furniture, designer clothing, a watch worth over $380,000, five Rolls-Royces, and a Ferrari. These details emerged from a forensic accountant hired Rinsch’s ex-wife for their divorce proceedings. In response to these developments, Rinsch initiated a confidential arbitration proceeding against Netflix, claiming that the streaming service breached their contract and owes him $14 million in damages. Netflix, however, denies any obligations and has characterized Rinsch’s demands as an attempt to extort money.
The controversy surrounding Rinsch’s actions has left the fate of “Conquest” uncertain, with fans eagerly awaiting a resolution to the ongoing dispute. As the legal battle plays out behind closed doors, the future of the show remains in limbo, leaving many to wonder what will become of the highly anticipated series.
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