Original Title: "Restoration or Whitewashing? Netflix is Bringing the FTX Story to the Screen"
Original Author: Eric, Foresight News
In the early morning of March 18, Beijing time, Netflix announced on X that a series adapted from the story of FTX, titled "The Altruists," is set to launch soon.
This series consists of a total of 8 episodes and is co-produced by Higher Ground Productions, founded by the Obamas, and Netflix. The script is inspired by in-depth reporting from New York Magazine and will focus on the rise and fall of the idealistic couple SBF and his girlfriend Caroline Ellison. The series has completed filming, but the exact release date has yet to be determined, with rumors suggesting a window between late 2026 and early 2027.
Netflix likens this "tragic couple" story to "Bonnie and Clyde" for Generation Z, referencing a 1967 American biographical crime film based on the true story of the notorious criminals Bonnie and Clyde from the 1930s. The film received several Academy Award nominations, including Best Picture, Best Actor, and Best Actress, and was ranked 42nd in the AFI's 100 Years... 100 Movies list.
Having previously adapted the scam story of American faux socialite Anna Sorokin and the story of the WeWork founders into the successful series "Inventing Anna" and "WeCrashed," Netflix clearly has confidence in the story of FTX, which is significant enough to be recorded in the history of business fraud.
All-Star Production Team
Higher Ground Productions, which serves as the supervising producer for the series, is one of the producers behind the Oscar-winning documentary film "American Factory." The film addresses various conflicts between the local working class and the Fuyao Group, which invested to build a factory in Dayton, Ohio. After its release, the film sparked public discussions on issues like industrial transfer, worker conditions, and Sino-American relations.
Higher Ground is not a traditional "entertainment factory," and with its involvement in the FTX story, some critics speculate that the plot may explore angles worthy of deeper consideration, such as regulatory gaps, elite responsibility, financial innovation, and the risks faced by ordinary investors, adding more political and social observation perspectives. Previous films collaborated with Netflix like "The Last Dance" and the documentary "American Symphony" are both high-quality works with depth of thought.
Still from the film "The Last Dance"
Netflix stated that the story will revolve around SBF and Caroline Ellison. Compared to numerous podcasts, investigations, and lengthy articles that have "restored the facts," the series is likely to lean more towards deconstructing the underlying reasons for the events through character conflicts.
The director and producers are also prominent figures. Netflix has recruited James Ponsoldt, director of "Terminator: Dark Fate," Graham Moore, who became an Academy Award winner at the 87th Oscars for "The Imitation Game," and Jacqueline Hoyt, who participated in the production of "The Good Wife" and "CSI: Crime Scene Investigation." Graham Moore stated in an interview that the story of SBF and Caroline Ellison has become an "obsession" for him over the past three years.
According to Hollywood North Buzz, the series began filming in July 2025 in Vancouver, Canada, and wrapped in November. This indicates that Netflix had already started preparations for the story and filming of this series at the onset of the FTX incident.
The above image shows a photo of the two main actors exposed by Hollywood North Buzz on the streets of Vancouver. The absolute main characters SBF and Caroline Ellison will be portrayed by Anthony Boyle and Julia Garner, respectively.
Leading man Anthony Boyle is known for his role in the stage play "Harry Potter and the Cursed Child," and after gaining a large fan base from the global tour of that play, he transitioned to historical dramas, portraying a World War II pilot in Apple TV+ series "Masters of the Sky" and a real historical figure, famous Republican paramilitary leader Brendan Hughes during the Northern Ireland conflict, in "Keeping Silent."
In 2025, Anthony Boyle will portray Arthur Guinness in Netflix's limited series "The Guinness Dynasty," about one of the oldest and most famous families in Europe, where Arthur is depicted as intelligent and ambitious, facing moral tests amid the tides of time. These traits have some resonance with SBF.
Leading lady Julia Garner also serves as an executive producer for the series. Her latest appearance in film was as Silver Surfer in the reboot of the Fantastic Four film "Fantastic Four: Rise of the Silver Surfer."
Julia Garner is best known for her role in Netflix's series "Ozark," in which she plays a smart girl from a poor family who gradually gets caught up in a money-laundering empire. For this role, Julia Garner won the Primetime Emmy Award for Outstanding Supporting Actress in a Drama Series three times and received a Golden Globe Award.
Another iconic work of Julia Garner is the previously mentioned 2022 limited series "Inventing Anna," where she portrayed the real-life con artist Anna Delvey. Through her portrayal of Anna's arrogance, vulnerability, and desire for control, Garner received an Emmy nomination for Outstanding Lead Actress in a Limited Series and a Golden Globe nomination. Garner has also expressed her enjoyment in playing "those women who walk on the moral edge."
In addition to the two leads, SBF's parents and FTX executives will also be played by a number of strong supporting actors in the series. Notably, the founder of Binance, Zhao Changpeng, will also appear in the series portrayed by Canadian-Chinese actor Terry Chen.
Terry Chen in a still from the sci-fi drama "Beyond the Timeline"
Who is Whitewashing SBF?
Using the name "The Altruists" carries a hint of irony, but considering the involvement of the Obama couple’s company, many people worry that the series may gloss over certain aspects of the FTX incident.
In the comments section of Netflix's official announcement tweet, many pointed out that the word "accused" used in the tweet is highly inappropriate, stating that the two are not pending investigation but have already been convicted.
Concerns about the political stance of the Obama couple’s company, vague statements, combined with casting "handsome men and beautiful women" to portray two actual criminals have led to rampant rumors of "whitewashing."
In May 2025, Variety first reported that Julia Garner was in talks to portray Caroline Ellison, also revealing that Netflix and Higher Ground Productions were developing this limited series about FTX. At that time, many negative comments began to appear online.
After the news broke, many users on Reddit sharply criticized Netflix for "packaging a fraudster as a genius idealist + forbidden romance," expressing concerns that, like "Inventing Anna," it would ultimately lead audiences to sympathize more with the criminals than reflect on financial fraud. The Guardian also hinted in its report that there seems to be aesthetic fatigue in the industry with Netflix's trend of portraying criminals as too charming.
Can a series truly achieve the level of whitewashing a criminal who misappropriated $8 billion in assets? We may never know, but as many foreign netizens have said, many of Netflix's crime series seem to overly showcase personal emotions and charm, further blurring the boundaries between right and wrong, making many mistakes "appear reasonable" in the context of personal situations.
For example, in this series, an excessive portrayal of character psychology, even if it's merely recreating events, could shape "the altruism" lie into a simple desire and a conflict wrapped in capital. How to balance the dramatic elements and the boundaries of "evil" will become one of the highlights of this series.
As we await the film's release, we may find all the answers to our speculations in the story depicted by Netflix.
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