Cryptocurrency

Dogecoin

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 Carl Erik Rinsch reportedly used nearly $11 million of his Netflix show’s budget to gamble with stocks and crypto and made millions on a single Dogecoin bet.
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 The director of Netflix’s sci-fi series Conquest reportedly used $4 million from the show’s <a rel="noopener noreferrer nofollow" title="budget" href="https://thebittimes.com/tag/budget.html">budget</a> to bet on Dogecoin (DOGE) and made $27 million in the process.
 Now the director, Carl Erik Rinsch, wants another $14 million from Netflix, according to a Nov. 22 report in The New York Times citing a confidential arbitration proceeding.
 The Times report details the behind-the-scenes drama of Rinsch’s sci-fi Netflix series Conquest, which the streaming giant doled out $55 million to make, but is yet to receive an episode.
 In March 2020, 16 months after Netflix bought Rinsch’s idea and provided him with an initial <a rel="noopener noreferrer nofollow" title="budget" href="https://thebittimes.com/tag/budget.html">budget</a> of $44 million, the director asked for more funds. Netflix obliged and wired him $11 million on the condition he finished the show.
 According to financial statements obtained by the Times Rinsch used $10.5 million from the fresh funding to gamble on the stock market and allegedly lost nearly $6 million in just a few weeks by placing options bets on pharmaceutical companies and the S&amp;P 500,
 With a little over $4 million left, Rinsch transferred the money to the crypto exchange Kraken and went all in on DOGE. When he liquidated in May 2021, he withdrew around $27 million, per an account statement seen by the Times
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 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
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 “Thank you and god bless crypto,” Rinsch wrote in a chat with a Kraken representative.
 With the proceeds, Rinsch allegedly spent nearly $9 million on high-end furniture, designer clothing, an over $380,000 luxury watch, five Rolls-Royces and a Ferrari, according to a forensic accountant hired by Rinsch’s ex-wife for divorce proceedings.
 Related: Crypto traders are looking at Dogecoin (DOGE) again — Here’s why
 The Times said Rinsch launched a confidential arbitration proceeding against Netflix, claiming the streaming service breached its contract and owes him $14 million in damages. Netflix denies owing Rinsch anything and hasreferred to his demands as a shakedown.
 <figure><img src="https://cdn.thebittimes.com/images/2023/11/23/15206ded9920a79d0eeaf30805180beb.webp">
 <figcaption style="text-align: center;">A scene from 47 Ronin,&nbsp;Rinsch's breakout 2013 film starring Keanu Reeves. Source: Universal Pictures
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 In a deposition, Rinsch said the items in his almost $9 million spending spree were props for Conquest. He later argued in his case against Netflix that the money was actually his and he’s owed another $14 million.
 A ruling on the case is expected soon as it was heard before an arbitrator earlier in November.
 Magazine: Cryptocurrency trading addiction — What to look out for and how it is treated
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/director-yolo-d-4m-of-netflix-budget-into-dogecoin-made-27m-report-tbt71293.html">https://thebittimes.com/director-yolo-d-4m-of-netflix-budget-into-dogecoin-made-27m-report-tbt71293.html</a>

Director YOLO'd $4M of Netflix budget into Dogecoin, made $27M: Report

TheBitTimes

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