A Hollywood director has reportedly made a 575% profit from trading the popular meme asset Dogecoin (DOGE) with funds originally reserved for a Netflix show.
According to a new report by The New York Times, filmmaker Carl Erik Rinsch – who received $55 million from the marquee streaming service between 2020 and 2021 to fund the show “Conquest” – used millions of dollars of that money to invest in DOGE after disagreements with the company.
The report says that soon after Rinsch received the funds, he allegedly began acting erratically and missing production milestones, prompting Netflix to believe there was no way forward with the project.
As stated by Thomas Cherian, a spokesman for Netflix, to The New York Times,
“After a lot of time and effort, it became clear that Mr. Rinsch was never going to complete the project he agreed to make, and so we wrote the project off.”
Not only did Rinsch go on to invest in Dogecoin, he took out options bets in the stock market and purchased luxury items, such as a fleet of Rolls Royce vehicles and a Ferrari, according to the report.
However, his bet on Dogecoin panned out, as he was able to see a massive 575% return on his investment.
The report says that Rinsch transferred $4 million to the crypto exchange Kraken and bought that much worth of the dog-theme memecoin, eventually liquidating his stash for a staggering $27 million in 2021.
According to the Times, during an online chat with a Kraken representative, Rinsch wrote “Thank you and God bless crypto.”
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