Ex-FTX Executive Calls Netflix Series on Sam Bankman-Fried "Laughable"

Constance Wang, the former chief operating officer of the defunct cryptocurrency exchange FTX, has described the new Netflix series “The Altruists,” which focuses on the company's collapse and its founder Sam Bankman-Fried, as "laughable" and inaccurate. Wang, who is portrayed as a character in the series, stated that the show's central love story narrative between Bankman-Fried and former Alameda Research CEO Caroline Ellison is a gross misrepresentation of reality.

"The ‘Me and you against the world’ romantic thing? No f—ing way,” Wang told The Post in her first exclusive interview about FTX’s fall. She explained that Bankman-Fried's primary focus was on his mission to "change the world, make an impact, do good," with personal relationships appearing secondary. Wang recounted that for a significant period within the company, many employees were unaware that Bankman-Fried and Ellison were even dating.

Wang expressed her strong negative reaction to the series' trailer, stating it made her feel physically ill. "I literally physically threw up because it just made me feel so uncomfortable," she said after watching about 40 seconds of the trailer. She criticized the show's portrayal of Bankman-Fried, noting that the man she knew in 2018 was incapable of making eye contact when speaking and would often look at the floor, in stark contrast to the confident character depicted in the trailer.

Similarly, Wang described Ellison, who pleaded guilty and testified against Bankman-Fried, as “gentle” and “soft-spoken” in person, not the aggressive figure suggested by the show. Quinn Li, a former FTX marketing manager, echoed these sentiments, calling the trailer “very, very bad” and lamenting the heavy emphasis on romance and drama, which he felt did not reflect the “rational person” demeanor of the FTX team.

Wang also addressed the broader culture at FTX, disputing depictions of wild parties. She stated that gatherings she attended were often filled with discussions of math and physics, which she found less relaxing than typical social topics. She also noted that reports of orgies and complex romantic entanglements among the core team in the Bahamas were unknown to her, with her own knowledge of such activities only coming from later articles.

Recalling the exchange's collapse in November 2022, Wang described the chaotic period when customers began withdrawing billions. Initially, the internal message from Bankman-Fried was to allow withdrawals and reassure customers, as the company was supposedly fine. However, around 3 a.m., Bankman-Fried admitted that FTX did not have sufficient funds to meet all withdrawal requests. Wang stated she was in shock and shaking upon learning the company was in an $8 billion hole.

Wang, who was never charged with wrongdoing despite an investigation by the Justice Department, expressed disappointment and sadness over the events and their human cost. She noted that Bankman-Fried's "mistake was that he overestimated his own intelligence." Ellison was released in January after serving approximately 14 months and is reportedly working at a San Francisco charity under an alias.

The collapse resulted in billions of dollars in losses for an estimated nine million customers. While FTX's bankruptcy team has recovered a significant amount of funds to repay customers, the value of these repayments is based on cryptocurrency prices from November 2022. Wang herself invested heavily in FTX and its associated coin, seeing her holdings reach a nine-figure sum at their peak, but returned home with only $80,000.

Wang expressed surprise that Netflix did not contact her for her perspective before creating a character based on her. "I do not know how I am going to be portrayed, and I am a bit nervous, to be honest with you," she said. She stated that she doesn't hate Bankman-Fried or others involved, but is simply "sad and disappointed."