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Home»ALTCOIN NEWS»Hollywood director posts 575% return on Dogecoin bet funded by converted Netflix budget: Report
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Hollywood director posts 575% return on Dogecoin bet funded by converted Netflix budget: Report

By Crypto FlexsNovember 25, 20232 Mins Read
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Hollywood director posts 575% return on Dogecoin bet funded by converted Netflix budget: Report
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A Hollywood director reportedly made a 575% profit by trading popular meme asset Dogecoin (DOGE) using funds originally reserved for a Netflix show.

Filmmaker Carl Erik Rinsch, who received $55 million from the big streaming service between 2020 and 2021 to finance his show “Conquest,” gave millions of that money to DOGE after a disagreement, according to a new report from The New York Times. I used it to invest. With the company.

According to the report, Rinsch began acting erratically and missing production schedules shortly after receiving the funding, leading Netflix to believe there was no way the project could move forward.

Netflix spokesperson Thomas Cherian 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 create, so we canceled the project.”

According to the report, Rinsch not only continued to invest in Dogecoin, but also made option bets on the stock market and purchased luxury items such as Rolls-Royce vehicles and a Ferrari.

However, his bet on Dogecoin paid off, giving him a whopping 575% return on his investment.

According to the report, Rinsch transferred $4 million to cryptocurrency exchange Kraken and purchased dog-themed memecoins worth just as much, ultimately liquidating his stash for a whopping $27 million in 2021.

“Thank you and God bless your cryptocurrency,” Rinsch wrote in an online chat with a Kraken representative, according to the Times.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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