$27 Million Profit – TV Show Directors Aped Into Dogecoin with Netflix Budget

Key takeaways:

• Director Carl Erik Rinsch secretly gambled $4M of Netflix production funds on Dogecoin, netting $27M in personal profit. Now demanding $14M more from Netflix through arbitration.
• He spent nearly $9 million of his crypto earnings on extravagant purchases like cars, clothes, and a six-figure luxury watch.
• Dogecoin has seen a 2.1% price increase to $0.077737 in the last 24 hours.

Carl Erik Rinsch, the director of the upcoming Netflix sci-fi series “Conquest,” allegedly used $4 million from the show’s $55 million budget to speculate on Dogecoin (DOGE), turning it into a staggering $27 million profit.

However, as reported by The New York Times on November 22nd, Rinsch is now seeking an additional $14 million from Netflix through a confidential arbitration case.

The Times’ exposé highlights the behind-the-scenes drama surrounding Rinsch’s show, which Netflix greenlit in March 2020 with an initial $44 million budget. But as the filming got underway, Rinsch requested more funds from Netflix executives. They wired him $11 million on the condition that Rinsch would complete filming the series.

However, according to financial records seen by the Times, Rinsch funneled $10.5 million of those funds into risky stock market bets. After losing nearly $6 million on pharmaceutical and S&P 500 options, Rinsch transferred the remaining $4 million to Kraken and bet it all on Dogecoin. He reportedly cashed out his DOGE position in May 2021 for approximately $27 million.

Rinsch allegedly went on a spending spree with his crypto windfall, dropping nearly $9 million on luxury items including designer clothing, high-end furniture, 5 Rolls-Royces, a Ferrari, and a $380,000 watch. These details emerged from a forensic accountant hired by Rinsch’s ex-wife amidst their divorce proceedings.

In response, Rinsch launched confidential arbitration against Netflix, claiming they owe him $14 million in damages for breach of contract. Meanwhile, Netflix denies any outstanding obligations and has referred to Rinsch’s demands as attempted extortion.

The case, which was heard by an arbitrator earlier this month, currently awaits a ruling. But no matter the outcome, Rinsch’s gambles have exposed the lavish spending and backstage turmoil plaguing Netflix’s original content ambitions.

DOGE Recent Price Movement

According to CoinCodex, the current price of Dogecoin (DOGE) is $0.077737, which is a 2.1% increase in the last 24 hours. The DOGE price has been fluctuating between $0.056441 and $0.081333 in the past 24 hours, showing a high volatility.

Additionally, the market cap of DOGE is $11.51 billion, and the trading volume is $1.23 billion. The dominance of DOGE in the crypto market is 0.80%, ranking it as the 7th largest cryptocurrency by market cap.

CoinCodex had also provides a price prediction for DOGE based on technical analysis and historical data. The price prediction for the next 5 days is $0.081140, which is a 0.66% increase from the current price. 

The Dogecoin price prediction for 2025 and 2030 is $0.748040 and $0.150795, which is an 833.64% and 86.01% increase from the current price.