Julia Garner from Ozark to portray Caroline Ellison in Netflix miniseries about the FTX collapse, produced by Obama

Netflix has approved an eight-episode limited series called The Altruists, focusing on the dramatic fall of the crypto exchange FTX and the story of its co-founder, Sam Bankman-Fried.

Produced under the banner of Barack and Michelle Obama’s Higher Ground, the series will feature Julia Garner, a three-time Emmy award winner, portraying Caroline Ellison, the former CEO of Alameda Research, alongside Anthony Boyle, who will play Bankman-Fried.

The narrative will depict FTX’s astonishing growth, reaching a valuation of thirty-two billion dollars in January 2022, followed by the revelation of a customer funds shortfall and Bankman-Fried’s eventual conviction in March 2024.

The series will delve into the brief romantic and professional relationship between Bankman-Fried and Ellison, highlighting how their shared commitment to effective altruism influenced their decisions, even as fraudulent activities escalated.

Questions arise regarding the series’ portrayal of Bankman-Fried. Will he be depicted as a misguided altruist, as the title implies, or as a cunning criminal focused on defrauding both investors and everyday crypto participants?

Higher Ground may face challenges regarding its founders’ political connections, especially considering Bankman-Fried’s bipartisan political contributions.

Current Insights

Casting

• Anthony Boyle (Masters of the Air) will play Sam Bankman-Fried, who was recently sentenced to twenty-five years in federal prison.
• Julia Garner (Ozark, Inventing Anna) will portray Caroline Ellison, who cooperated with authorities and received a two-year prison sentence.

Creative Team

The writing team will be led by Oscar-winning screenwriter Graham Moore (The Imitation Game) and experienced showrunner Jacqueline Hoyt (The Good Wife). The pilot will be directed by James Ponsoldt (The Spectacular Now), known for character-driven storytelling that aims to intertwine corporate tension with personal narratives.

Production Schedule

• Filming is scheduled to occur from July to October 2025 in Vancouver, Canada.
• Post-production and release are expected to happen in 2026, aligning with Netflix’s current true-crime offerings.

Notable Figures

• 8 billion USD in customer funds misappropriated (according to court documents).
• 32 billion USD as FTX’s peak valuation during its Series C funding.
• 25 years is Bankman-Fried’s prison sentence (as of March 28, 2024).
• 2 years is Ellison’s prison sentence (as of September 24, 2024).
• 8 episodes have been commissioned by Netflix.

With casting finalized and pre-production in progress, location scouts are working on finding substitutes in Vancouver for FTX’s former headquarters in Nassau and various crypto conference settings. The writers’ room will start meeting in June, with an initial outline highlighting the conflict between charitable aspirations and unchecked pride.