Netflix Sci-Fi Director’s $27 Million Dogecoin Gamble

Reportedly, the director of the Netflix science fiction series Conquest wagered $27 million on Dogecoin (DOGE) using $4 million of the show’s budget.

The director, Carl Erik Rinsch, is now seeking an additional $14 million from Netflix, according to a confidential arbitration proceeding cited in a November 22 New York Times article.

The Times report details the behind-the-scenes turmoil of Rinsch’s science fiction Netflix series Conquest, for which the streaming behemoth has yet to receive an episode despite spending $55 million to produce it.

The director requested additional funds in March 2020, sixteen months after Netflix acquired his concept and allocated an initial budget of $44 million for the film. Netflix complied by wire-transferring him $11 million contingent upon completing the program.

As per financial statements obtained by the Times, Rinsch allegedly lost nearly $6 million in a matter of weeks by placing option bets on pharmaceutical companies and the S&P 500 using $10.5 million of the new funding that he used to gamble on the stock market.

Rinsch, who had just over $4 million remaining, transmitted the funds to Kraken’s cryptocurrency exchange and placed an all-in bet on DOGE.

Approximately $27 million was withheld at his liquidation in May 2021, according to an account statement obtained by the Times.

“God bless cryptocurrencies, and thank you,” Rinsch replied to a Kraken representative in a conversation.

Rinsch allegedly spent the proceeds on high-end furniture, designer apparel, a luxury watch worth more than $380,000, five Rolls-Royces, and a Ferrari, as reported by a forensic accountant retained by Rinsch’s ex-wife during divorce proceedings.

According to The New York Times, Rinsch initiated a confidential arbitration proceeding against Netflix, alleging a breach of contract and a $14 million damages claim, which Netflix refutes.

Rinsch testified in a deposition that the nearly $9 million worth of items he purchased were Conquest props. Later, he asserted in his lawsuit against Netflix that the funds were his and that he was owed an additional $14 million.

An imminent decision is anticipated regarding the case, which was presented to an arbitrator in early November.