Director Uses Netflix Budget to Turn $4M into $27M via Crypto Gamble
In the shadows of Netflix's anticipated sci-fi series, Conquest, lurks a tale sparking whispers and speculation.
Allegedly, a fraction of the show’s hefty $55 million budget found its way into the volatile world of cryptocurrency, with rumors swirling that director Carl Erik Rinsch directed $4 million into Dogecoin. Whispers suggest this gamble resulted in an astonishing $27 million windfall, prompting Rinsch to reportedly seek an extra $14 million from Netflix.
Behind the scenes, the Conquest series, despite Netflix’s substantial investment, remains elusive on screen. The saga began with Netflix’s initial $44 million backing of Rinsch’s concept, followed by an additional $11 million granted after 16 months, contingent upon completing the show.
However, murmurs hint at an unexpected twist in the narrative. Purported financial records imply that a chunk of the fresh funding, around $10.5 million, ventured into risky stock market ventures. These ventures, as whispers suggest, resulted in alleged losses nearing $6 million within a brief span due to options betting on pharmaceutical companies and the S&P 500.
With a dwindling budget of approximately $4 million, whispers claim Rinsch took a bold leap into the crypto realm, funneling funds into DOGE on the Kraken exchange. Alleged accounts suggest a substantial withdrawal of roughly $27 million in May 2021, raising eyebrows within the industry.
Amidst the fallout of this alleged windfall, murmurs circulate about Rinsch’s extravagant expenditures. Claims emerged of nearly $9 million spent lavishly, including high-end furniture, designer apparel, a luxury timepiece exceeding $380,000, five Rolls Royces, and a Ferrari.
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These allegations surfaced during divorce proceedings involving a forensic accountant hired by Rinsch’s ex-wife. The plot thickened further with reports of a confidential arbitration battle initiated by Rinsch against Netflix, seeking $14 million in damages for breach of contract. However, Netflix vehemently denies any indebtedness, dismissing the demands as baseless.
As the industry eagerly awaits the resolution of this captivating saga, the arbitration process, having reached its zenith in November, holds the key to unraveling this mysterious and headline-grabbing tale.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
