A Hollywood director has reportedly made a 575% profit by trading the popular meme asset Dogecoin (DOGE) with money originally earmarked for a Netflix show.
According to a new one report by The New York Times, filmmaker Carl Erik Rinsch — who received $55 million from the major streaming service to finance the show “Conquest” between 2020 and 2021 — used millions of dollars of that money to invest in DOGE after disagreements with the company.
The report says that shortly after receiving the money, Rinsch began acting erratically and missing production milestones, prompting Netflix to believe there was no path forward with the project.
Thomas Cherian, a spokesperson for Netflix, told The New York Times:
“After much time and effort, it became clear that Mr. Rinsch would never complete the project he had agreed to, and so we wrote off the project.”
Not only did Rinsch invest in Dogecoin, he also made options bets on the stock market and purchased luxury items, such as a fleet of Rolls Royce vehicles and a Ferrari, the report said.
However, his bet on Dogecoin came true as he was able to see a huge 575% return on his investment.
The report says Rinsch transferred $4 million to the crypto exchange Kraken and bought that much worth of the dog-themed memecoin, eventually liquidating his stock for a whopping $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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