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FollowingFTX launches on Netflix, but not everyone agrees with its narrative perspective
Constance Wang, former chief operating officer of cryptocurrency exchange FTX and co-CEO at the end of the year, strongly criticized the trailer for the documentary "The Altruists". She believes the show has transformed a bankruptcy case that destroyed hundreds of billions of dollars in assets into a love story between Sam Bankman-Fried and Caroline Ellison. Netflix will air all eight episodes on November 19.
Quick overview of core points
- Netflix will launch eight episodes of "The Altruists" on November 19.
- Constance Wang questioned the play's portrayal of FTX and its former leadership.
- Sam Bankman-Fried is still serving a 25-year sentence.
Series focuses on crypto industry scandal: Idealism or romantic tragedy?
Netflix has made no secret of its choice of narrative perspective.
"The Altruists" tells the story of Sam Bankkani-Fried and Carolyn Allison, who were at the center of the collapse of cryptocurrency platform FTX. The series presents their story as how two young men with ideals became billionaires, and then the empire was destroyed.
However, judicial reality is far from so romantic. This summer, Sam Bankman-Fried's 25-year prison sentence appeal was finally confirmed. Anthony Boyle plays SBF and Julia Garner plays Carolyn Allison, a former head of Alameda Research and former partner of Bankman-Fried.
Netflix highlighted their relationship in the trailer, describing it as a "toxic love story" inspired by real fraud cases. Creator Graham Moore explained that he wanted to present two characters who initially believed they could improve the world. However, FTX collapsed in November 2022 due to a liquidity crisis, exposing its financial connection with Al-Ameda Research and misuse of client funds. Although the series covers this decline, its narrative does not convince everyone.
Former executive bluntly said: The FTX on the show is completely different from what she knew.
After the trailer was released, Constance Wang publicly responded. She claims that the company shown on the screen bears little resemblance to FTX, the cryptocurrency platform where she worked. Wang has served as chief operating officer since 2019 and served as co-CEO in his final months on the exchange.
她回忆道，当时团队规模不足 200 人，员工有时每天工作 16 到 18 小时。这绝非一个在巴哈马群岛尽情派对的群体形象。不过，王并没有试图为班克曼-弗里德辩护。她回忆起自己在崩盘中也损失惨重，并表示自己是 SBF 被引渡后最后离开巴哈马的人之一。
她主要批评的是剧集对两人关系的过度聚焦。据她透露，班克曼-弗里德与艾利森的关系非常低调，直到破产发生，许多员工才得知这段关系的存在。卡罗琳·艾利森后来在审判中发挥了重要作用，她在服刑前曾作为证人指证班克曼-弗里德。
王还质疑了预告片中赋予艾利森的性格特征。她形容艾利森冷静且内敛，这与 Netflix 展示的某些更具攻击性的场景相去甚远。对她而言，问题很简单：一起巨大的加密诈骗案逐渐被包装成了一部浪漫剧。
四年过去，FTX 事件仍持续震荡加密行业
Netflix 此时推出该剧，正值 FTX 案件尚未完全落幕之际。山姆·班克曼-弗里德仍在狱中；卡罗琳·艾利森因配合检方调查，已从联邦拘留中心释放，转为社区监督。相关的财务程序仍在继续，前客户正在逐步收回资金。今年夏天，FTX 已向债权人偿还了约 110 亿美元。因此，这部剧重新将一个对成千上万前用户而言依然真实的事件推至聚光灯下。
Still, Netflix did not adopt a documentary format, but a dramatic adaptation. The writers said they used existing information to build the characters and imagined moments that had never been filmed. This is where the various versions differ. For Netflix, SBF's relationship with Allison helped tell the story of the rise and fall of a multibillion-dollar empire; for Constance Wang, the choice distorted the environment in which FTX actually operated and reduced a financial disaster to a love story.
The public will make a judgment on November 19. Eight episodes later, FTX's encryption saga may continue to cause waves.
