The Unusual Story of the ‘Conquest’ Director and His Dogecoin Fortune
Carl Erik Rinsch, the director of the Netflix sci-fi series ‘Conquest’, is reported to have made quite a successful gamble off the show’s budget. Word is that Rinsch risked $4 million on the cryptocurrency Dogecoin, and turned this into a whopping $27 million. Now, the director is seeking an additional $14 million from Netflix, according to confidential arbitration proceedings revealed in November.
The Tale of a Risky Investment
Rinsch’s is a high-stakes story that revolves around the production of his sci-fi Netflix series ‘Conquest’. This as-yet-unreleased show has been funded by Netflix to the tune of $55 million. In March 2020, 16 months after Netflix acquired Rinsch’s idea and granted him an initial budget of $44 million, the director requested additional resources. Netflix agreed to this, transferring $11 million to Rinsch with the understanding that he would then complete the show.
However, Rinsch had other plans, using $10.5 million of the new funding to speculate in the stock market. He quickly lost close to $6 million over a span of a few weeks after hedging his bets on pharmaceutical companies and the S&P 500 index. With just a little over $4 million remaining, Rinsch moved his money to the crypto exchange platform Kraken and put it all on Dogecoin. When he cashed out in May 2021, he found his fortune multiplied: he withdrew around $27 million.
A Lavish Lifestyle
According to a forensic accountant hired in the context of divorce proceedings, Rinsch went on to spend nearly $9 million from his crypto earnings on high-end furniture and designer clothing. His spending spree also included an over $380,000 luxury watch, five Rolls-Royces, and a Ferrari. The director later justified these purchases, stating in a deposition that the items he bought were intended as props for ‘Conquest’.
Rinsch has now initiated a confidential arbitration proceeding against Netflix, alleging that the streaming platform breached its contract and owes him $14 million in damages. Netflix, however, rejects this claim, denying any dues to Rinsch and characterizing his demands as a shakedown. It remains to be seen how this case will be resolved, with a judgement expected to be handed down soon. Despite all the drama, one thing is certain: Rinsch’s story is testament to the wild ride that the world of cryptocurrency can sometimes be.