The rise and fall of cryptocurrency exchange FTX and its founder Sam Bankman-Fried has been dramatized in a new Netflix series titled “The Altruists,” which depicts the saga as a “toxic love story inspired by a real fraud.” The portrayal has drawn criticism from former colleagues who contest the emphasis on romantic relationships as a central theme.
FTX collapsed in 2022 after it was revealed that Bankman-Fried illegally diverted billions of dollars from the exchange to support Alameda Research, a hedge fund he controlled alongside his former girlfriend and FTX co-worker Caroline Ellison. The scandal, which saw an estimated $8 billion of customer funds misappropriated, led to Bankman-Fried’s conviction on charges of fraud and money laundering. He is currently serving a 25-year prison sentence.
Constance Wang, FTX’s former chief operating officer and a character depicted in the Netflix series, described the love story angle as misleading and “laughable.” Wang told reporters that Bankman-Fried’s focus was primarily on his goal to “change the world” and make a positive impact, with personal relationships playing a secondary role. She noted that the staff at FTX were unaware of Bankman-Fried and Ellison’s romantic involvement for a long time, given Bankman-Fried’s intense work schedule. “For the longest time in the company we did not know they were dating,” Wang said. She recounted being shocked to discover the relationship when colleagues revealed the information to her.
The show traces the journey of Bankman-Fried, Ellison, and their inner circle, who operated under the banner of effective altruism—a philosophical movement aiming to use reason and evidence to do the most good. However, in practice, the company’s financial mismanagement and alleged fraud led to a dramatic collapse. Wang criticized the portrayal of the effective altruist culture depicted in the show, recalling attending social gatherings hosted by Bankman-Fried where conversations centered on technical subjects such as math, physics, and biology. She described the environment as intellectually intense, saying it was not her preferred social scene.
Reports indicate that a close-knit group of about 10 people lived together in the Bahamas alongside Bankman-Fried and Ellison. According to a now-deleted 2020 Tumblr post by Ellison, she identified as polyamorous and referenced unconventional relationship dynamics within the group. Industry accounts have mentioned that some members were involved in multiple romantic pairings, though Wang dismissed claims of excessive sexual behavior, saying she was unfamiliar with terms like “orgy” until encountering them in media reports. Instead, she characterized the social atmosphere as one dominated by “chess and board games,” populated by what she called “a bunch of nerds.”
The Netflix series offers a fictionalized interpretation of the events leading to FTX’s demise, focusing on interpersonal drama against the backdrop of a financial scandal that has left a lasting impact on the cryptocurrency industry and investor trust. Meanwhile, former insiders maintain that the reality was more complex and less romantically charged than the adaptation suggests.