Once a little-known producer, Carl Erik Rinsch found himself in a legal battle with streaming giant Netflix. This process stems from an ambitious project that never materialized due to strange events and the unexpected high profits Rinsch made from his Dogecoin transactions.
While Rinsch claims he did nothing wrong, Netflix points to unfinished production milestones that led to the failure of the project named “Conquest.”
Dogecoin Made Millions
Rinsch’s journey in the film and production industry emerged with a sci-fi presentation about artificial humans. Despite facing great criticism and commercial failure with the film “47 Ronin,” Rinsch’s idea found itself at the center of attention amid Hollywood’s insatiable hunger for content.
With the entry of Disney, Apple, and NBCUniversal into the industry, streaming services were eagerly expanding for new projects. However, Netflix, the dominant player in the market, offered Rinsch an eight-figure deal, surpassing Amazon. The deal included millions of dollars and a rare final cut privilege, which was seen as evidence of the high risks and fierce competition in the publishing industry.
However, the project named “Conquest” quickly turned into chaos. Despite initially allocating a budget of over $55 million for the project, Rinsch couldn’t deliver a single episode. In addition to not delivering, it was revealed that Rinsch had extravagant expenses and an obsession with cryptocurrencies.
Netflix’s Money into Dogecoin
The producer used the $4 million he received from Netflix to trade the cryptocurrency Dogecoin, which started as a joke project. The incredible value increase of Dogecoin allowed Rinsch to see his money reach unexpected levels.
His $4 million investment skyrocketed to over $20 million. It is also known that Rinsch thanked a Kraken representative and said, “Thanks, and may God protect crypto.”
Netflix, which made a significant investment in “Conquest,” is now trying to recover its investment after this incident. Interestingly, despite not delivering any episodes, the company is in talks with Rinsch, who claims the contract was breached and demands $14 million in compensation. Netflix denies any responsibility and emphasizes the unfulfilled production promises by Rinsch.
Netflix spokesperson Thomas Cherian said:
After investing a lot of time and effort, it became apparent that Mr. Rinsch would never be able to complete the project he agreed to do, so we canceled the project.