Netflix is set to delve into the complex narrative surrounding Sam Bankman-Fried and Caroline Ellison with its new miniseries titled The Altruists. As Bankman-Fried continues to serve a lengthy prison sentence, this series aims to shed light on the events that led to one of cryptocurrency’s biggest scandals.

Overview of the Miniseries

The streaming platform recently released a trailer for The Altruists, which dramatizes the real-life saga of Bankman-Fried and Ellison. Once revered in Silicon Valley, they became embroiled in a massive fraud scheme that resulted in the collapse of FTX, a leading cryptocurrency exchange.

In this miniseries, Bankman-Fried is portrayed by Anthony Boyle and Ellison by Julia Garner. The narrative appears to adopt a sympathetic viewpoint, likening the duo to modern-day figures similar to Bonnie and Clyde, suggesting that their initial intentions were rooted in altruism.

Insights from the Creator

Graham Moore, the creator of the series, expressed his belief in the genuine altruistic intentions of both characters. “I genuinely believe that both Sam and Caroline were deeply committed altruists from day one, who set out to do as much good for as many people as they could in their lives,” Moore stated in a Netflix blog post. He elaborated that, over time, they rationalized their way into engaging in serious wrongdoing, culminating in a series of crimes.

Background on the Scandal

To provide context, Bankman-Fried and Ellison were instrumental in a scheme that misappropriated vast sums of customer funds deposited on FTX. These funds were secretly transferred to Alameda Research, a trading firm co-founded by Bankman-Fried, leading to significant financial mismanagement that encompassed covering losses and repaying creditors. Additionally, the funds were misused for investments, personal loans, and political donations.

Ellison played a key role in misleading various stakeholders about Alameda’s financial viability, even going so far as to create deceptive spreadsheets.

Crisis and Consequences

The situation unraveled in late 2022, when a surge of withdrawal requests from worried customers exposed FTX’s insolvency. The subsequent bankruptcy filing marked the collapse of the once-flourishing exchange.

In the legal aftermath, Ellison emerged as a crucial witness in the case against Bankman-Fried, leading to his 25-year prison sentence, imposed by U.S. District Judge Lewis Kaplan in March 2024. Ellison, after pleading guilty to several fraud and conspiracy charges, was sentenced to two years in prison, primarily due to her cooperation with prosecutors, and was released from federal custody in early 2024.

The Growing Trend of Tech Scandals in Entertainment

With the release of The Altruists, Netflix joins a growing trend in Hollywood focused on explorations of technology-related scandals. 2023 has seen the announcement of various projects, including Aaron Sorkin’s biographical film The Social Reckoning and Nathan Fielder’s documentary on Elizabeth Holmes, the founder of Theranos. Additionally, Luca Guadagnino’s upcoming film featuring OpenAI’s Sam Altman is slated for release in December. Moreover, an extensive documentary by Alex Gibney highlighting Elon Musk is also set to debut soon.

Premiere Date and Conclusion

The eight-episode miniseries The Altruists is expected to premiere on November 19, 2023. The show promises to provide an engaging exploration of the events surrounding the FTX scandal and its major players.