Netflix's upcoming series The Altruists about the collapse of crypto exchange FTX is facing criticism from former employees who claim the show misrepresents key events. Constance Wang, the former COO of FTX, said the trailer made her "physically throw up" due to its inaccuracies. The eight-episode series, premiering on November 19, dramatizes the rise and fall of FTX under former CEO Sam Bankman-Fried, who is currently serving a 25-year prison sentence for fraud.
Wang pushed back against the portrayal of FTX as a place of extravagance and partying, emphasizing that the core team worked grueling hours. She also disputed the depiction of Caroline Ellison, former head of Alameda Research, as aggressive, describing her instead as quiet and mild. Many employees were unaware of Ellison's romantic relationship with Bankman-Fried until after the bankruptcy.
Andrew Croghan, former head of business development at FTX, echoed Wang's sentiments, stating the series misrepresents the complicated reality of the company's failures. Both former employees criticized the show for reducing the scandal to trivial romantic conflicts. Ellison, who served 14 months in prison, is now working at Manifund, a grantmaking platform.
The Altruists is part of a trend of Hollywood productions based on Silicon Valley scandals, joining other recent releases like The Social Reckoning and Musk.