In a stunning turn of events, the director of Netflix's science fiction series Conquest is reported to have taken a substantial risk with the show's budget, leading to an unexpected financial windfall. Sources claim that the director used $4 million from the allocated funds to invest in the cryptocurrency Dogecoin, resulting in a staggering return of $27 million.
The journey began when Netflix purchased the idea for Conquest and provided an initial budget of $44 million. In March 2020, 16 months after this initial investment, the director sought additional funds for the project. Netflix responded by wiring an additional $11 million with the stipulation that the show be completed.
However, according to financial statements obtained by the Times, the director allegedly diverted $10.5 million from this new funding into high-risk stock market ventures. These included options bets on pharmaceutical companies and the S&P 500, which reportedly led to nearly a $6 million loss in just a few weeks.
With just over $4 million remaining from the show's budget, the director transferred it to the crypto exchange Kraken and placed it all on Dogecoin. This bold move paid off when he liquidated his position in May 2021, withdrawing around $27 million as per an account statement reviewed by the Times.
In related news, KyberSwap, a decentralized exchange protocol, has reportedly experienced a significant exploit resulting in a loss of $47 million across multiple blockchains. The affected platforms include Arbitrum, Optimism, Ethereum, Polygon, and Base. Details about this incident are still emerging as investigations are underway.