Netflix is Set to Bring FTX's Story to the Screen: Portraying History or Glamorizing a Scam?
Original Title: "Reconciliation or Whitewashing? Netflix to Bring FTX's Story to the Screen"
Original Author: Eric, Foresight News
In the early hours of March 18th Beijing time, Netflix announced on X that the series "The Altruists," based on the FTX story, is set to be released.

The series, consisting of 8 episodes, is a collaboration between Higher Ground Productions, founded by the Obamas, and Netflix. Drawing inspiration from a deep dive by The New York Magazine, the show will focus on the rise and fall of SBF and his girlfriend Caroline Ellison, these idealists. The series has completed filming, but the specific release date is yet to be determined, with rumors suggesting a timeframe between the end of 2026 and early 2027.
Netflix has likened the story of this "ill-fated couple" to the Gen Z version of "Bonnie and Clyde," a 1967 American biographical crime film adapted from the real-life story of the 1930s American outlaws Bonnie and Clyde. The film received multiple Academy Award nominations, including Best Picture, Best Actor, and Best Actress, and was selected by the American Film Institute as the 42nd greatest American film of all time.
Having previously successfully adapted the stories of American socialite Anna Sorokin's scam and the WeWork founders into the series "Inventing Anna" and "WeCrashed," Netflix appears confident in tackling FTX's story, which is significant enough to be part of the history of commercial fraud.
All-Star Production Team
Higher Ground Productions, serving as the producer of this series, was one of the production companies behind the Oscar-winning documentary "American Factory." The film explored various conflicts between Fuyao Glass and the working class in Dayton, Ohio, after the Chinese company's factory investment in the United States, sparking public discussions on industrial shifts, worker conditions, and US-China relations.
Higher Ground is not a traditional "entertainment factory." Speculations by some critics suggest that with their handling of FTX's story, the plot may delve into thought-provoking angles such as regulatory absence, elite accountability, financial innovation, and the risks faced by ordinary investors, adding more political and social observation perspectives. Previously, "American Factory"and the documentary "American Son," both products of Higher Ground's collaboration with Netflix, were high-quality works that did not lack profound thinking.

Movie Still from "Offline Vacation"
Netflix indicates the story will center around SBF and Caroline Ellison, diverging from the previous abundant "fact-checking" podcasts, investigations, and long-form articles, the series may lean more towards deconstructing the reasons behind the event through the characters' conflicts.
The director and producers are also quite impressive. Netflix has brought in James Ponsoldt, director of "Terminator: Dark Fate," Graham Moore, who won the 87th Academy Awards for "The Imitation Game," and Jacqueline Hoyt, who worked on "The Good Wife" and "CSI: Crime Scene Investigation." In an interview, Graham Moore stated that the story of SBF and Caroline Ellison has been his "obsession" every day for the past three years.
According to Hollywood North Buzz, the series started filming in Vancouver, Canada in July 2025 and wrapped in November. It appears that Netflix had already begun preparing for the story and filming of this series long before the FTX event erupted.

The image above is the photo of the two lead actors exposed by Hollywood North Buzz on the streets of Vancouver. The absolute protagonists of this series, SBF and Caroline Ellison, will be played by Anthony Boyle and Julia Garner, respectively.

The male lead, Anthony Boyle, is known for his work in the stage play "Harry Potter and the Cursed Child," gaining a large following due to the global tour of this stage play. Anthony Boyle transitioned to historical dramas, first portraying a World War II pilot in the Apple TV+ series "Masters of the Air"; in "Silence," he portrayed a real historical figure, Brendan Hughes, a prominent Republican paramilitary leader during the Northern Ireland conflict.
In 2025, Anthony Boyle starred in the Netflix short series "The Guinness Dynasty," narrating one of Europe's most famous and oldest families. In this series, Arthur Guinness, played by Anthony Boyle, is depicted as intelligent, ambitious, yet facing moral dilemmas in the tide of his era. These traits resonate to some extent with SBF.
Lead actress Julia Garner also serves as an executive producer of the series. Julia Garner's most recent appearance in film and television was portraying Silver Sable in the new version of the Fantastic Four movie, "Fantastic Four: Breakthrough."

Julia Garner's iconic work is the Netflix series "Ozark," where she plays a smart young girl from a poor family who gradually gets involved in a money-laundering empire. Through this role, Julia Garner has won the Emmy Award for Best Supporting Actress in a Drama Series three times in a row and has also won a Golden Globe Award.
Another significant work of Julia Garner is the limited series "Inventing Anna" mentioned earlier in 2022, where Garner plays real-life con artist Anna Delvey. Through her portrayal of Anna's arrogance, vulnerability, and manipulative desires, Garner received an Emmy Award nomination for Best Lead Actress in a Limited Series and a Golden Globe Award nomination. Garner has also expressed her love for playing "women who walk on the edge of morality."
In addition to the two lead actors, SBF's parents and FTX executives will also be portrayed by a group of talented supporting actors in the series. It is worth mentioning that Binance's founder Changpeng Zhao, portrayed by Canadian actor Terry Chen, will also appear in the series.

Terry Chen in a still from the sci-fi series "Timeless"
Who is Whitewashing SBF?
Carrying the name of altruism, somewhat tinged with irony, but considering the involvement of the Obama couple's company, many people are worried that this series may whitewash the FTX incident to some extent.
In the tweet comments of the Netflix announcement, many people pointed out that the use of "accused" in the tweet was very inappropriate, stating that the two individuals have not been accused but have been convicted.

Concerns about the political stance of the Obama couple's company, ambiguous statements, and the casting of "beautiful people" to play two essentially criminals have fueled rumors of "whitewashing."
In May 2025, Variety first reported that Julia Garner was in talks to play the role of Caroline Ellison, while also revealing that Netflix and Higher Ground Productions are developing this FTX limited series. At that time, many negative reviews began to surface online.
After the news broke, many Reddit users sharply criticized Netflix for once again portraying a fraudster as a genius idealist involved in a taboo romance, expressing concern that, like in "Anna Delvey," the audience might end up sympathizing with the criminal more than reflecting on financial fraud. The Guardian also hinted in its coverage that the industry seems to be growing tired of Netflix's repeated trope of glamorizing fraudsters.
Can a show succeed in whitewashing a criminal who misappropriated $8 billion in assets? We don't know, but as many foreign netizens have pointed out, many of Netflix's crime dramas seem to overemphasize personal emotions and charisma, blurring the lines between right and wrong, making many wrongdoings "seem reasonable" within an individual's context.
For example, in this show, excessive portrayal or even mere restoration of character psychology could potentially transform the lie of "altruism" into a simple wish entangled with capital's contradictions. How to balance the dramatic elements with the boundary of "evil" will be one of the highlights of this show.
Waiting for the release of this series, perhaps we can find all the answers to our speculation in the story depicted by Netflix.
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