Netflix director embezzled series budget to invest in Dogecoin (DOGE)

ChainCatcher news, according to Cointelegraph, the director of the Netflix series "Conquest," Rinsch, allegedly misappropriated over $4 million from the show's budget to bet on DOGE at Kraken, and when he liquidated his DOGE position in May 2021, the balance was nearly $27 million. Netflix invested $55 million in Conquest but has not released a single episode.

In March 2020, Netflix purchased Rinsch's concept, providing a budget of $44 million, and later added another $11 million. Rinsch misappropriated $10.5 million of that for stock trading, losing $5.9 million in just a few weeks. He then invested the remaining over $4 million in DOGE, withdrawing about $27 million when he liquidated in May 2021.

Rinsch has initiated a confidential arbitration process against Netflix, claiming that the streaming platform breached the contract and is seeking $14 million in damages. Netflix denies the allegations, and the arbitration results are expected to be announced soon.