Ex-FTX COO says Netflix trailer for FTX drama 'upset me' within half a minute
Constance Wang expressed strong criticism of Netflix's characterization of her former colleagues at FTX, stating it conflicts with her actual experiences working alongside Sam Bankman-Fried and Caroline Ellison.
Constance Wang, who previously served as Chief Operating Officer at FTX, expressed her distress over how the forthcoming Netflix series portrays the cryptocurrency exchange's downfall and characterizes several of its senior leadership members.
"The first 30 seconds were enough to upset me," which is why "I stopped watching," Wang shared with Cointelegraph during her appearance on an episode of the Chain Reaction X spaces show that was made public on Monday.
According to Wang, the way certain former FTX executives were depicted in the Netflix trailer caused her to "feel physically upset," and she noted that the representation of Caroline Ellison, who was CEO of Alameda Research, did not align with her own personal experience working with her. She further clarified that Sam Bankman-Fried, the former co-founder and CEO of FTX, exhibited more "socially awkward" behavior in reality than what was shown in his Netflix portrayal.
Wang held the position of COO at FTX, a platform that expanded to become among the largest cryptocurrency exchanges globally before its catastrophic collapse in November 2022 stemming from the misuse of customer funds, which resulted in an $8.9 billion shortfall in customer funds. Alameda Research, FTX's affiliated sister company operating as a quantitative trading firm, utilized FTX customer funds that Bankman-Fried had transferred without authorization to cover Alameda's trading losses, a situation now known as the Alameda gap.
The streaming giant Netflix unveiled the trailer for its eight-episode limited series chronicling FTX's downfall during early October. The dramatic series, which bears the title The Altruists, is set to premiere worldwide on Nov. 19, 2026, based on the streaming platform's official announcement.
Wang bootstrapped AI-crypto venture following FTX collapse
In the aftermath of FTX's implosion, Wang established Pacifica in early 2025, developing a crypto trading platform that initially debuted as a Solana-based decentralized exchange specializing in perpetual futures.
Her vision includes integrating artificial intelligence features to evolve the platform into an intelligent trading infrastructure equipped with strategic tools designed for investors.
"For Pacifica, we didn't raise any funds, it's completely bootstrapped," Wang stated, further explaining that certain institutional investors encountered compliance restrictions that prevented them from engaging with former FTX personnel during the period when the bankruptcy proceedings were still in progress.
Both Bankman-Fried and Ellison faced indictment in December 2022 in the aftermath of the exchange's collapse and subsequent bankruptcy filing.
Ellison chose to accept a plea deal agreement to provide testimony against Bankman-Fried and gained her release from prison in January, having served 440 days of what was originally a two-year sentence.
Bankman-Fried received a conviction on seven felony counts and was handed a 25-year prison sentence in March 2024, with his scheduled release date set for 2044. In September, Bankman-Fried's legal team reportedly submitted a request to the Supreme Court seeking to overturn his fraud conviction. He has additionally submitted an application for a pardon from US President Donald Trump.