Net­flix Turns $8B FTX Disaster Into 8-Ep Drama; Effective Altruism Takes the L

Netflix has dropped the trailer for an eight-episode limited series chronicling the rise and collapse of cryptocurrency exchange FTX, centered on former chief executive Sam "SBF" Bankman-Fried and Alameda Research chief Caroline Ellison. The series, titled The Altruists, premieres Nov. 19, with Anthony Boyle portraying Bankman-Fried and Julia Garner playing Ellison, the streaming platform confirmed in a Thursday X post.

The trailer features the line "Lying isn't bad for a good cause," delivered by Garner as Ellison, echoing testimony from Bankman-Fried's 2023 criminal trial. Ellison testified that Bankman-Fried believed prohibitions against lying and stealing did not necessarily apply to effective altruism, the philosophy that emphasizes maximizing positive impact, including through "earning to give." The series' tagline — "about the love scorned prodigies behind the FTX scandal" — is paired with the framing that "going all-in every time is the mathematically optimal strategy," a reference to FTX's high-risk deployment of customer funds.

Bankman-Fried, Ellison and other FTX and Alameda associates were indicted in December 2022 following the exchange's collapse and bankruptcy filings. The Justice Department's case detailed more than $8 billion stolen from customers. Ellison took a plea deal and testified against Bankman-Fried at trial; he was found guilty on seven felony counts of fraud and sentenced to 25 years in prison. As of October, Bankman-Fried had pending motions requesting a presidential pardon from Donald Trump and a Supreme Court review of his conviction. Ellison was released from federal custody in January.

The cast also includes Alex Lawther as former Alameda co-chief Sam Trabucco, Matt Rife as former FTX executive Ryan Salame, Karan Soni as Nishad Singh, and Eugene Young as Gary Wang. Paul Reiser plays Bankman-Fried's father, Joe Bankman; Robin Weigert plays his mother, Barbara Fried; Jennifer Grey plays Ellison's mother, Sarah Fisher Ellison; and Terry Chen portrays Binance founder Changpeng Zhao. Graham Moore and Jacqueline Hoyt serve as co-showrunners, co-writers and executive producers, with James Ponsoldt directing the first episode.

The U.S. Senate unanimously adopted a resolution opposing clemency for Bankman-Fried.