Are the Obamas Teaming Up with Netflix to Turn SBF's Story into a Z-Generation 'Bonnie and Clyde'?

Original Author: Eric, Foresight News

In the early hours of March 18th Beijing time, Netflix announced on X that the series "The Altruists," adapted from the FTX story, is set to be released.

The series consists of 8 episodes and is co-produced by Higher Ground Productions, founded by the Obamas, and Netflix. Inspired by an in-depth report from New York Magazine, the script will focus on the rise and fall of the idealistic couple, SBF and his girlfriend Caroline Ellison. Filming for the series is currently complete, but the specific release date has not yet been confirmed. Rumors suggest a potential release window from late 2026 to early 2027.

Netflix has likened the story of this "ill-fated couple" to a Gen Z version of "Bonnie and Clyde," a 1967 American biographical crime film based on the real story of the 1930s American outlaw couple Bonnie and Clyde. The film received multiple Academy Award nominations, including Best Picture, Best Actor, and Best Actress, and was selected by the American Film Institute as the 42nd greatest American film on its AFI's 100 Years...100 Movies list.

Having previously successfully adapted the scam story of American fake heiress Anna Sorokin into the series "Inventing Anna" and the story of WeWork's founder couple into "WeCrashed," Netflix appears highly confident in tackling the FTX story, one significant enough to be etched into the history of corporate fraud.

All-Star Production Team

Higher Ground Productions, serving as executive producers for this series, was one of the production companies behind the Oscar-winning documentary "American Factory." That film explored the various conflicts between Fuyao Group and the local working class after the company invested in building a factory in Dayton, Ohio, USA, sparking public discussion on industrial relocation, workers' conditions, and Sino-American relations upon its release.

Higher Ground is not a traditional "entertainment factory." Some film critics speculate that their handling of the FTX story might delve into angles worthy of deep reflection, such as regulatory gaps, elite responsibility, financial innovation, and risks for ordinary investors, adding more political and social observation perspectives. Previous collaborations between Higher Ground and Netflix, like the film "Leave the World Behind" and the documentary "American Symphony," are quality works with intellectual depth.

Still from the film "Leave the World Behind"

Netflix stated that the story will revolve around SBF and Caroline Ellison. Compared to the numerous podcasts, investigations, and long-form articles that previously aimed to "restore the facts," the series might lean more towards deconstructing the reasons behind the events through the characters' contradictions.

The director and producers are also notable figures. Netflix has enlisted James Ponsoldt, director of "Terminator: Dark Fate"; Graham Moore, who won an Academy Award at the 87th Oscars for "The Imitation Game"; and Jacqueline Hoyt, who worked on "The Good Wife" and "CSI: Crime Scene Investigation." Graham Moore mentioned in an interview that the story of SBF and Caroline Ellison has become his "obsession" for nearly three years.

According to Hollywood North Buzz, filming for the series began in Vancouver, Canada, in July 2025 and wrapped in November. This suggests Netflix started preparing the story and production for this series as early as when the FTX incident erupted.

The image above, exposed by Hollywood North Buzz, shows the two lead actors on the streets of Vancouver. The absolute leads, SBF and Caroline Ellison, will be portrayed by Anthony Boyle and Julia Garner, respectively.

Lead actor Anthony Boyle is best known for the stage play "Harry Potter and the Cursed Child." After gaining a large fanbase from the play's global tour, Boyle transitioned to historical dramas. He played a WWII pilot in the Apple TV+ series "Masters of the Air" and portrayed the real historical figure, prominent Republican paramilitary leader Brendan Hughes during the Northern Ireland conflict, in "Silent Witness."

In 2025, Anthony Boyle played Arthur Guinness in the Netflix miniseries "The Guinness Dynasty," which tells the story of one of Europe's most famous and oldest families. In the series, Arthur Guinness is portrayed as intelligent and ambitious, yet facing moral tests amidst the tides of the times. These traits share some resonance with SBF.

Lead actress Julia Garner also serves as an executive producer for the series. Her most recent on-screen appearance was as the Silver Surfer in the new Fantastic Four film, "The Fantastic Four: First Steps."

Julia Garner's representative work is the Netflix series "Ozark," where she plays a clever young woman from a poor family who gradually becomes entangled in a money-laundering empire. For this role, Garner won the Primetime Emmy Award for Outstanding Supporting Actress in a Drama Series three consecutive times and also won a Golden Globe Award.

Another signature work for Julia Garner is the aforementioned 2022 limited series "Inventing Anna," where Garner played the real-life scammer Anna Delvey. Through her vivid portrayal of Anna's arrogance, vulnerability, and manipulative nature, Garner received nominations for the Primetime Emmy Award for Outstanding Lead Actress in a Limited or Anthology Series or Movie and a Golden Globe Award. Garner has also stated that she enjoys playing "women who walk the moral line."

In addition to the two leads, SBF's parents and FTX executives will be portrayed by a cast of capable supporting actors. Notably, Binance founder Changpeng Zhao will also appear in the series, played by Canadian-Chinese actor Terry Chen.

Still of Terry Chen from the sci-fi series "Continuum"

Who is Whitewashing SBF?

Naming it "The Altruists" carries a somewhat ironic tone. However, given the involvement of the Obamas' company, many are concerned that the series might whitewash the FTX incident to some extent.

In the comments section of Netflix's announcement tweet, many pointed out that the use of the word "accused" was highly inappropriate, stating that the two were not merely accused but have been convicted.

Concerns about the political stance of the Obamas' company, ambiguous wording, and the casting of "attractive actors" to play two individuals who are essentially criminals have fueled rumors of "whitewashing."

Back in May 2025, Variety first reported that Julia Garner was in talks to play Caroline Ellison, while also revealing that Netflix and Higher Ground Productions were developing this FTX limited series. At that time, there was already considerable negative feedback online.

After the news broke, many users on Reddit sharply criticized Netflix for once again "packaging fraudsters as genius idealists + forbidden romance," worrying it would, like "Inventing Anna," ultimately make audiences sympathize with the criminals more than reflect on financial fraud. The Guardian also hinted in its reporting that the industry seemed somewhat weary of Netflix's formula of making fraudsters appear too charming.

Can a series reach the level of whitewashing a criminal who misappropriated $8 billion in assets? That remains unknown. However, as many netizens abroad have pointed out, many of Netflix's crime dramas seem to excessively showcase individual emotions and charm, thereby blurring the lines between right and wrong, making many wrongs appear "seemingly reasonable" within personal contexts.

For instance, in this series, excessive or even just accurate portrayal of the characters' psychology might shape the lie of "altruism" into a mere conflict between naive wishes and the forces of capital. How to balance dramatic elements with the boundary of "evil" will be one of the key points to watch in this series.

Once the series is released, we might find answers to all these speculations within the story Netflix depicts.

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