Netflix’s new drama series, The Altruists, dramatizes the rise and fall of Sam Bankman-Fried and Caroline Ellison, two young crypto billionaires who intended to build wealth and donate most of it to charity. Starring Anthony Boyle and Julia Garner, the eight-episode series, produced by Barack and Michelle Obama’s Higher Ground Productions, premieres on November 19. The show depicts their transformation from hopeful idealists to infamous figures responsible for an $8 billion fraud that collapsed their cryptocurrency empire, FTX.

This financial scandal, described by U.S. District Judge Lewis A. Kaplan as possibly the greatest fraud in U.S. history, involved the misappropriation of billions of dollars from FTX customers between 2019 and 2022. Bankman-Fried founded Alameda Research in 2017 and later FTX in 2019. Prosecutors allege that customer funds were diverted to Alameda for various undisclosed uses, including investments and political donations, culminating in the company's bankruptcy in November 2022. Caroline Ellison pled guilty in December 2022 and was sentenced to two years after cooperating with the investigation, while Bankman-Fried received a 25-year sentence in March 2024.

The series was created and executive produced by Graham Moore, who co-wrote it with Jacqueline Hoyt. They were inspired by in-depth reporting from New York Magazine journalists Kevin Dugan and Jen Wieczner and worked closely with them during production. Moore immersed himself in court documents, social media archives, and insider interviews over four years to portray a nuanced story of ambition, romance, ethical conflicts, and betrayal. The show focuses more on the complex personal relationship between Sam and Caroline than on crypto or finance mechanics.

Moore emphasizes that The Altruists aims to provoke thought rather than serve as a definitive account. He conducted extensive research, including conversations with people close to the real-life figures, to responsibly imagine private moments that were never recorded. The series reveals how two idealistic individuals’ shared vision unraveled, leading to devastating consequences. Moore hopes it will open deeper discussions about their story and the ethical challenges inherent in their choices.