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Hollywood director bets budget for series production on crypto, earns more in return

Sci-fi series ‘Conquest’ Director Carl Erik Rinsch reportedly gambled $4 million from the show’s budget on Dogecoin and earned $27 million in return.

A report highlighted the behind-the-scenes of the show, revealing that Netflix invested $55 million in the series by Rinsch. Despite the substantial budget, not a single episode has been released yet.

Via New York Times

In March 2020, after Netflix bought the series for about $44 million for its initial budget, Rinsch asked for more funds. The streaming company obliged and gave him a whopping $11 million with the condition of finishing the series.

However, the director had a different plan for the money and invested $10.5 million in the stock market. It was reported that Rinsch lost nearly $6 million in just a few weeks by betting on pharmaceutical company Gilead Sciences and the S&P 500.

Rinsch then transferred the remaining $4 million to Kraken, a crypto exchange, and placed it all in Dogecoin. In May 2021, Rinsch liquated his holdings accumulating about $27 million two months after the streaming giant canceled the show.

A Kraken representative revealed Rinsch’s chat, “Thank you and god bless crypto.”

Rinsch apparently spent nearly $9 million on designer clothing, high-end furniture, five Rolls Royces, a luxury watch that is over $380,000, and a Ferrari. This was revealed by his ex-wife’s hired forensic employee during the divorce proceedings questioning the man’s spending.

Rinsch claimed that they were props for the show Conquest and he had paid them directly with the project’s fund from Netflix. Except that, he later argued that he used his own money to purchase the props.

Rinsch initiated a confidential arbitration proceeding against Netflix according to The New York Times. He claimed that there was a breach of contract and that the company owed him $14 million in damage. Netflix denies any obligation to the director and describes his demands as a “shakedown.”

A ruling on the matter is expected soon as this case was heard by an arbitrator in November.

His other work 47 Ronin, starring Keanu Reeves, flopped receiving $151 million against its estimated $225 million dollar budget. The movie was considered the “Biggest Box Office Bomb of 2013.”


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