A Hollywood director’s popular meme presence with funds originally earmarked for a Netflix show dogecoin He reportedly made a 575% profit from (DOGE) trading.
According to a new report published by The New York Times, filmmaker Carl Erik Rinsch, who received $55 million from the major streaming service between 2020 and 2021 to finance his series “Conquest,” used millions of dollars of that money to invest in DOGE after disagreements with the company. used.
The report alleges that soon after receiving the funds, Rinsch began acting erratically and missing production milestones, leading Netflix to believe that no progress could be made on the project.
As stated by Netflix spokesman Thomas Cherian to The New York Times,
“After investing a great deal of time and effort, it became clear that Mr. Rinsch would never be able to complete the project he had agreed to do, so we canceled the project.”
According to the report, Rinsch not only continued to invest in Dogecoin. He placed option bets on the stock market and purchased luxury items such as a fleet of Rolls Royce cars and a Ferrari.
However, his bets on Dogecoin resulted in a whopping 575% return on his investment.
The report stated that Rinsch transferred $4 million to the crypto exchange Kraken and is worth that much worth of dog-themed products. meme coin It is stated that he bought it and eventually cashed out his stash for a staggering $27 million in 2021.
“Thank you and God bless crypto,” Rinsch wrote during an online chat with a Kraken representative, according to the Times.