Business · Companies · 1 day ago
Former FTX staffers say Netflix series distorts the company’s collapse
Netflix’s eight-episode series “The Altruists” dramatizes the rise and collapse of cryptocurrency exchange FTX under former CEO Sam Bankman-Fried.
It is due to premiere on November 19.
Former FTX executives Constance Wang and Andrew Croghan say the trailer misrepresents the company and its employees.
Wang said FTX had fewer than 200 core-company employees at its peak and that many worked long hours.
She also disputed the show’s portrayal of former Alameda Research leader Caroline Ellison and said most staff did not know she was dating Bankman-Fried before FTX’s bankruptcy.
Bankman-Fried is serving a 25-year prison sentence for fraud, while Ellison pleaded guilty to fraud and conspiracy and served 14 months in prison.
The former staffers argue that a focus on romance and partying risks making the company’s failures seem trivial; the series is still set to premiere on Netflix.
Former FTX staffers say Netflix’s upcoming series “The Altruists” distorts what they experienced at the company.
Former chief operating officer Constance Wang said the trailer made her “physically throw up.”
Wang said FTX employees worked long hours and that the company was not like the party-focused image associated with its Bahamas location.
She also disputed the series’ portrayal of Caroline Ellison and said most employees did not know she was dating Sam Bankman-Fried until after FTX’s bankruptcy.
Former FTX business development head Andrew Croghan said the show makes a complex failure look like a romantic conflict.
“The Altruists” is an eight-episode series set to premiere on Netflix on November 19.
- Who
- Former FTX staffers Constance Wang and Andrew Croghan.
- What
- They say Netflix’s series “The Altruists” inaccurately portrays FTX’s collapse, its workplace and its employees.
- When
- The series is set to premiere on November 19; the article was published October 10, 2026.
- Where
- The series is on Netflix; the staffers shared their comments on X.
- Why
- Wang and Croghan say the show’s portrayal differs from their experiences and makes the company’s failures look like a romantic conflict.
This story does not have two clearly opposing sides.
The media loves the story that FTX blew up because we were all partying in the Bahamas, but the place I worked looked nothing like that.
Worse than that, it makes the complicated and tragic reality of their failures look like trivial romantic conflict and tropes.
I worked with Caroline and never once saw her get aggressive like she does in this trailer. She's quiet and mild, and often lost in her own thoughts.
Whenever we walked in, day or night, Sam was at his desk.
Wang said she was the company’s COO from before it had a name.
Wang said many core-company employees worked 16- to 18-hour days.
Wang said she learned from reports that Ellison and Bankman-Fried had been dating.
Business Insider published the article about former staffers’ criticism of the series.
The Altruists” is scheduled to premiere on Netflix.
- Series
- The Altruists,” an eight-episode Netflix series
- Premiere
- November 19
- Core-company staff
- Fewer than 200 employees at FTX’s peak, excluding subsidiaries, according to Wang
- Work hours
- 16 to 18 hours a day for many employees, according to Wang
- Staffers criticizing the show
- Constance Wang and Andrew Croghan
- Bankman-Fried’s sentence
- 25 years in prison for fraud
Sources
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