The filmmaker spent $4M on Dogecoin to shoot and made $27M

The filmmaker spent $4M on Dogecoin to shoot and made $27M

207
Author: Robert Strickland (crypto-journalist)
Subscribe

 

 Crypto donation button by NOWPayments

The filmmaker spent $4M on Dogecoin to shoot and made $27M

A Netflix director earned $27 million on the cryptocurrency Dogecoin



The director spent his earnings to buy five Rolls-Royce cars, a Ferrari, and expensive Swiss watches

 

Director Carl Erik Rinsch, who worked on the science fiction series "Conquest" (Conquest) for Netflix, invested $4 million of the money allocated for filming in the Dogecoin memcoin and earned $27 million, according to The New York Times (NYT). In total, Netflix allocated $55 million for filming, but the ordered series, according to the publication, has not been received.

According to the NYT, Rinsch invested $11 million in the stock market, of the money that the streaming service allocated him to work on the series, and lost almost the entire amount. In May 2021, the director decided to invest another $4 million in the Dogecoin memcoin (DOGE) on the Kraken exchange and earned $27 million.

The earnings, the publication writes, Rinsch spent on the purchase of five Rolls-Royce cars, a Ferrari, and expensive Swiss watches by Vacheron Constantin.


At the moment, the director and Netflix are engaged in legal proceedings. According to journalists, Netflix accused the director of violating the terms of the contract - since 2018, he allegedly began to use drugs, had mental health problems, and treated the film crew badly. According to Rinsch, the company itself is to blame for the contract breakdown, having defaulted on several payments worth $14 million.

Dogecoin is the largest memcoin by capitalization. In mid-November, the token hit its highest price since the spring of 2023 amid news that a wallet containing the cryptocurrency DOGE will be delivered to the moon. In addition to DOGE, one bitcoin coin on a physical carrier, as well as a metal plate engraved with the contents of the first (Genesis) bitcoin block will also be sent to Earth's satellite.

 

Other news

Clients of Mt. Gox Exchange to Receive $9 Billion in Bitcoin
Ethereum ETF to Launch in the US in July
What is Bitcoin Dominance
Which Countries Hold the Most Bitcoins
In June, German authorities transferred thousands of confiscated bitcoins to exchanges
JPMorgan: Payments to Customers of Bankrupt Crypto Exchanges Will Balance Each Other Out
Trustpilot