Netflix’s new series The Altruists, billed as a "toxic love story inspired by a real fraud," has sparked outrage among former FTX employees. The show dramatizes the downfall of the crypto exchange FTX and its CEO Sam Bankman-Fried, who is currently serving a 25-year sentence for fraud and money laundering. Constance Wang, FTX’s former chief operating officer, called the portrayal laughable, emphasizing that Bankman-Fried’s primary focus was on changing the world, not romance. "The ‘Me and you against the world’ romantic thing? No f, ing way," Wang told The Post.
Wang, who is depicted in the series by Madison Hu, said she felt physically ill watching the trailer. She criticized the show’s romantic storyline, stating that Bankman-Fried and his then-girlfriend Caroline Ellison barely spoke to each other at the office. "For the longest time in the company we did not know they were dating," Wang said, adding that Bankman-Fried was "working all the time." Ellison, who was also prosecuted after FTX’s collapse, had previously described herself as polyamorous in a since-deleted Tumblr post.
The series explores how Bankman-Fried and Ellison, along with their followers, aimed to revolutionize the financial system through Effective Altruism. However, Bankman-Fried’s actions, including moving $8 billion of FTX investors’ money to his hedge fund Alameda Research, led to the exchange’s collapse. Wang recalled the shocking moment in November 2022 when Bankman-Fried admitted FTX couldn’t meet withdrawal demands, leaving her in disbelief. "I just bounced from my bed. I was in shock. I was shaking," she said.
Former FTX employees, including Quinn Li, a marketing manager, criticized the show’s portrayal of Bankman-Fried and Ellison as emotionally dramatic. "It brings in so much romance and emotional drama, when there really wasn’t much of that," Li said. "The reality is that everyone was a very rational person." Wang also noted that the real Ellison was "gentle" and "soft-spoken," contrary to her aggressive portrayal in the series.