Constance Wang, former chief operating officer of FTX, publicly criticized Netflix's upcoming limited series about the cryptocurrency exchange's collapse, saying the trailer's portrayal of events made her physically ill.
In an October 9 post on X, Wang expressed concern that the eight-episode series frames FTX's rise and fall as a romance between "hyper-smart idealists" rather than accurately depicting the company's actual operations and culture.
Disputed Narrative
Wang, who joined FTX as COO in early 2019, rose to co-CEO in the company's final months, and was the last person to leave the Bahamas after Sam Bankman-Fried's extradition, challenged several elements of the trailer's framing.
According to Wang, FTX's core team consisted of fewer than 200 employees, and staff members worked 16 to 18 hour days with minimal sleep. She stated that Bankman-Fried was "almost always at his desk," contradicting the trailer's suggestion of a lavish lifestyle.
Wang also disputed how Caroline Ellison, former CEO of Alameda Research, is portrayed in the series. She described Ellison as quiet and mild-mannered, not matching the aggressive characterization shown in the trailer.
Most significantly, Wang noted that FTX staff did not know Bankman-Fried and Ellison were in a relationship until after the November 2022 bankruptcy filing. "The company I worked for looked nothing like that," she wrote.
Series Details and Ongoing Legal Matters
"The Altruists" stars Julia Garner as Caroline Ellison and Anthony Boyle as Bankman-Fried. The series is executive produced by Higher Ground, Barack and Michelle Obama's production company, and premieres November 19 on Netflix.
The show draws inspiration from New York Magazine reporting and frames the two main figures as "Gen Z's Bonnie & Clyde."
The series arrives amid ongoing legal consequences from FTX's collapse. Bankman-Fried's appeal to overturn his fraud conviction failed, leaving his 25-year sentence intact. The U.S. Senate also rejected his clemency bid. Caroline Ellison began serving a two-year prison sentence following her cooperation with prosecutors. FTX continues processing large-scale creditor repayment distributions.
Wang emphasized she does not seek to defend those responsible for the collapse but objects to the narrative that a partying culture caused FTX's failure. She has since co-founded Pacifica, a trading platform launched in early 2025.
