Key facts
- Former FTX COO Constance Wang stated that watching the trailer for Netflix's upcoming series about the exchange's collapse made her "physically throw up."
- Wang criticized the series for framing the FTX collapse as a "love story" and ignoring the harm it caused.
- She stated that FTX's core team had fewer than 200 employees and that many worked long hours, contradicting the trailer's portrayal of a lavish lifestyle.
- Wang also disputed the portrayal of Caroline Ellison, former Alameda Research CEO, as an aggressive character, describing her as quiet and mild-mannered.
- The Netflix series, "The Altruists," executive produced by Higher Ground, premieres November 19.
- Wang has since co-founded Pacifica, a trading platform launched in early 2025.
Constance Wang, the former chief operating officer of FTX, has publicly criticized the trailer for Netflix's upcoming series about the cryptocurrency exchange's collapse, stating it made her "physically throw up" and inaccurately romanticizes the events.
In an October 9, 2026, post on X, Wang, who was COO from FTX's early days and the last to leave the Bahamas after Sam Bankman-Fried's extradition, asserted that the series frames the exchange's downfall as a "love story" despite it having "ruined many lives." She directly challenged the trailer's imagery, noting that FTX's core team never exceeded 200 employees, a significantly smaller workforce than its peers, and that many staff worked intensely with little sleep. Wang stated Bankman-Fried was "almost always at his desk," refuting the trailer's suggestion of a lavish lifestyle.
The series, titled "The Altruists," is an eight-episode limited series executive produced by Barack and Michelle Obama's Higher Ground production company and is set to premiere on November 19. The trailer, released the week of October 8, portrays the rise and fall of FTX as a romance between "hyper-smart idealists," a narrative Wang vehemently rejects.
Wang also contested the portrayal of Caroline Ellison, the former CEO of Alameda Research, describing her as quiet and mild-mannered, contrary to the aggressive character depicted in the series. Wang noted that most FTX staff were unaware of Ellison and Bankman-Fried's relationship until after the November 2022 bankruptcy filing, stating, "The company I worked for looked nothing like that."
Wang clarified that her criticism is not an attempt to defend those responsible for the collapse but to reject the narrative that a "partying culture" caused FTX's failure, which she attributes to media preferences. She also mentioned losing personal funds in the collapse. The series features Madison Hu in the character based on Wang.
"The Altruists" is inspired by New York Magazine reporting and characterizes Bankman-Fried and Ellison as "Gen Z’s Bonnie & Clyde." The show's release comes as the legal aftermath of FTX's collapse continues, with Bankman-Fried's appeal against his fraud conviction failing and his 25-year sentence upheld. Ellison has begun serving her two-year prison sentence for cooperating with prosecutors.
This is not the first time Netflix has faced scrutiny over accuracy in its true-crime content; the streamer previously received a cease-and-desist for its Razzlekhan Bitcoin heist documentary. Wu Blockchain, an Asia-focused crypto news outlet, also reported on Wang's criticism, broadening its reach beyond English-language crypto media. The accuracy of such narratives is considered important for shaping public perception of crypto risk, exchange governance, and regulatory urgency.