FTX’s Constance Wang Challenges Netflix’s Collapse Portrayal

Former FTX chief operating officer Constance Wang has criticised Netflix’s upcoming drama, “The Altruists,” for portraying the FTX collapse as a “toxic love story” between Sam Bankman-Fried and Caroline Ellison. The series is scheduled to premiere on 19 November 2026. Wang says most employees did not know about their relationship until after bankruptcy, describes a core team of fewer than 200 working 16- to 18-hour days, and disputes depictions of a party culture. She also says the show portrayed her without consulting her. Wang’s criticism follows her account of FTX’s November 2022 collapse: staff were told withdrawals were safe as customers sought to withdraw about $6 billion in 72 hours, before Bankman-Fried disclosed an estimated $8 billion shortfall. FTX had misused customer funds to support Alameda Research, contributing to bankruptcy and Bankman-Fried’s 25-year prison sentence for fraud and money laundering. The collapse affected an estimated nine million customers and investors; FTX’s bankruptcy team has recovered about $16.5 billion for repayments based on November 2022 account values. Wang was investigated but not charged and says she lost most of her FTX-related wealth. She later co-founded trading platform Pacifica, which reported $10 billion in trading volume in October 2026.